Meijin Energy Leaves Door Open for Cape Lambert DMC Takeover

23 June 2010 (Last Updated June 23rd, 2010 18:30)

China's Meijin Energy Group has terminated its offer for DMC Mining. Meijin was offering the same price Cape Lambert had put forward conditional on securing a controlling interest of 48.7 million shares in DMC. Meijin withdrew its offer after DMC said it would consider Cape Lamber

China's Meijin Energy Group has terminated its offer for DMC Mining.

Meijin was offering the same price Cape Lambert had put forward conditional on securing a controlling interest of 48.7 million shares in DMC.

Meijin withdrew its offer after DMC said it would consider Cape Lambert's unconditional bid of A$.53 ($.46).

Cape Lambert raised its offer three times from the initial $.41 bid in what became a takeover race for the West African iron ore explorer.

DMC's key asset is an 80% interest in the Mayoko iron ore project in the Republic of Congo, which has an exploration target of 0.9 billion-1.3 billion million tons.

Cape Lambert holds a 35.45% interest in DMC Mining.