29 NOVEMBER 2016Metro Mining Press Release
Metro Mining Ltd: Update on Moly Mines offer to Gulf Alumina
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<p>Metro Mining Ltd has provided an update on the Moly Mines Ltd offer to Gulf Alumina. Metro said today that it wishes to advise that yesterday Moly Mines Ltd announced that it had received notice from the Australian Securities Exchange advising that it will exercise its discretion under listing rule 1.19 to refuse Moly’s application for re-admission to the ASX Official List, should Moly proceed with the proposed Gulf Alumina Limited (Gulf) transaction.<br /><br />Metro notes that Moly’s offer to acquire Gulf was conditional upon the ASX reinstating the quotation of Moly shares on the ASX. The Gulf board has unanimously recommended that Gulf shareholders, in the absence of any superior offer, accept Metro’s offer dated 28 October 2016.<br /><br />Metro currently owns 39.3% of Gulf’s shares and is Gulf’s largest shareholder.<br /><br />{googleAdsense}<br /><br />Metro’s Offer will become unconditional upon Metro’s relevant interest in Gulf shares exceeding 51% and is scheduled to close on 5 December 2016.<br /><br />Metro aims to create a leading independent Australian bauxite producer listed on the ASX.<br /><br />It has been estimated that the combination of Metro and Gulf’s adjoining bauxite projects will unlock over $200 million of synergies, and Metro looks forward to delivering those synergies for the benefit of all stakeholders.</p>
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