Xstrata in Übernahmegespräch mit australischer MIM Holding - 500 Beiträge pro Seite

[bagg]

Zug/Sydney, 21. Nov (Reuters) - Der Rohstoffkonzern Xstrata mit Sitz in Zug in der Schweiz führt mit dem australischen Bergbauunternehmen MIM Holdings Ltd neue Übernahme-Gespräche. Die Verhandlungen seien jedoch noch in einer frühen Phase, teilte Xstrata am Donnerstag mit. Bei MIM in Sydney hiess es, es sei noch offen, ob die beiden Unternehmen eine Einigung finden würden. Xstrata und MIM hätten bereits früher Gespräche geführt, die aber keine konkreten Ergebnisse erbracht hätten, sagten Analysten. Mit der Übernahme einer australischen Firma könnte Xstrata ausserhalb ihres Haupt-Gebietes Südafrika diversifizieren. Rund 70 Prozent der Xstrata-Förderkapazitäten befinden sich in Südafrika. "Xstrata braucht wirklich eine breitere Basis," sagte UBS Warburg Analyst Glyn Lawcock. MIM ist in der Kohleförderung tätig und betreibt Kupferbergwerke und kam im letzten Geschäftsjahr auf einen Umsatz von gut vier Milliarden austr.Dollar (rund 2,2 Milliarden US-Dollar). Die Gruppe hat derzeit einen Börsenwert von rund drei Milliarden austr.Dollar (rund 1,7 Milliarden US-Dollar). Xstrata, die zu 40 Prozent von Glencore International AG gehalten wird, ist hauptsächlich im Kohlengeschäft tätig. Mit der Übernahme von MIM könnte Xstrata die Geschäftsgrundlage in Richtung Koksgeschäft und Basismetalle verbreitern. Xstrata-Aktien notierten kurz vor Mittag an der Londoner Börse um 3,82 Prozent tiefer bei 592 Pfund. abf/ajs

[bagg]

Dem spekulativ ausgerichteten Investor empfiehlt derzeit das Anlegermagazin "Focus Money" die Aktien von M.I.M. Holdings zum Kauf. (WKN 874800) Die australische M.I.M. Holdings gehöre zu den unentdeckten Perlen der internationalen Rohstoffbranche. Mit einem geschätzten Gewinn von 9 Cent je Aktie im nächsten Jahr weise der Titel ein Kurs-Gewinn-Verhältnis von lediglich 8,2 auf. Ein weit höheres Kurs-Gewinn-Verhältnis scheine gerechtfertigt. Die Australier würden vor allem Kupfer und Kohle produzieren, aber auch Gold, Silber, Blei und Zink. Die Nachfrage nach Kupfer werde mit anziehender Konjunktur stark zunehmen. Der Preis je Pfund Kupfer dürfte von derzeit 78 US-Cent bis Ende 2003 auf 1 Dollar zulegen. Auch bei der qualitativ sehr guten Kohle sollte M.I.M. Holdings in den nächsten Monaten Preiserhöhungen durchsetzen können. Zudem seien die Australier durch eine vorsichtige Politik gut gegen einen eventuellen weiteren Kursverlust des US-Dollar gegenüber seinen australischen Pendant abgesichert. Vor diesem Hintergrund rät das Anlegermagazin "Focus Money" zu einem spekulativen Engagement in die Aktien von M.I.M. Holdings. Der Stoppkurs sollte bei 0,63 Euro platziert werden.

[bagg]

Xstrata bid talk fuels MIM leap

By James Chessell



MIM Holdings shares leapt more than 7 per cent yesterday as investors bet long-running talks with Swiss-based suitor Xstrata finally were making headway.

Speculation that MIM`s board had met with its corporate advisers to consider a $1.76 a share cash bid from Xstrata sparked brisk trading with more than 41 million shares, or 2.1 per cent of the company, changing hands. The Brisbane-based group`s stock finished the day 11¢ higher at $1.55.

Big institutional dealers UBS Warburg, Merrill Lynch and Macquarie dominated trade of what is traditionally a high volume stock with brokers suggesting there was a high degree of hedge fund activity.

It is understood MIM directors held meetings with advisers Gresham Partners and Merrill Lynch over the past two days to discuss a $1.76 offer although the company did its best to hose down suggestions a deal was imminent.

The four-month-old discussions with Xstrata are "incomplete and continuing", MIM said in a short statement after informal discussion with the Australian Stock Exchange.

While market observers believe Xstrata is comfortable with MIM`s coal and base metal assets, they mentioned several factors working against a quick settlement.

Gary Armor, resources portfolio manager at AMP Henderson Global Investors, said a bid might be better timed once the war in Iraq and coal price negotiations have concluded.

Xstrata`s London-listed shares have tumbled more than 10 per cent in the past two days meaning local fund managers are even less likely to accept and an offer with a scrip component.

"Recent economic data hasn`t been that inspiring," said UBS` Shaun Giacomo. "They`ve talked for long enough, (Xstrata) know the assets and it`s probably a matter of how much they are going to pay."

UBS calculates that a merged company would be "relatively leveraged" to commodity price fluctuations in general and coal prices in particular. "It may be that Xstrata is awaiting coal price outcomes in the current round of price negotiations before considering its next move," Mr Giacomo said.

Xstrata is believed to be capable of funding a $1.76 all-cash bid which would be well above broker valuations (roughly $1.65 a share) and within the $1.70-$1.80 a share range MIM managing director Vince Gauci reportedly believes his company is worth. Such a bid would value MIM at $3.5 billion.

[Aktienfossil]

hab mir MIM auch schon angesehen, interessant ist die Aktie allemal.

Aktienfossil

[Hobarty]

GOLDEN CROSS RESOURCES LTD 2003-04-02 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
Golden Cross Resources has entered into a farm-in agreement with
privately-owned mining company Polymetals Pty Ltd (PM) whereby PM
will spend $200,000 over the next 12 months exploring GCR`s Canbelego
area near Cobar. If resources of gold or silver are delineated, any
ore mined will be shared 50:50 between GCR and PM and processed
through PM`s Mt Boppy plant.

PM is presently mining an open pit over the old workings of the Mt
Boppy Gold Mine at Canbelego, producing approximately 25,000 ounces
of gold per annum. GCR`s Canbelego licence (EL 5842) surrounds PM`s
six mining leases (see Figure for map).

PM`s objective is to identify open-pittable oxide resources on GCR`s
area and develop such resources for early processing through its
150,000 tpa processing plant at Mt Boppy. If PM is successful this
could lead to an early cashflow for GCR. A number of high priority
gold targets exist on GCR ground in the immediate Mt Boppy area (see
below).

FARM-IN AGREEMENT

Under the agreement PM has the right to apply for mining leases over
open-pittable gold or silver mineralisation within the area. On
commencement of mining GCR and PM will establish a 50:50 joint
venture, with ore mined to be processed through PM`s Mt Boppy plant.
GCR will be free-carried by PM through to commencement of mining.
Thereafter PM will fund GCR`s share of costs associated with mining
until gold is produced. GCR will repay those costs from 50% of GCR`s
share of free cashflow. In addition, GCR will reimburse PM for cash
costs incurred in mining and processing GCR`s 50% share of the ore.

GCR and PM have agreed to negotiate in good faith with respect to
meeting the capital costs of any processing plant upgrade that may be
necessary to treat joint venture ore and regarding possible joint
venture underground operations on GCR ground.

The 5% net profits interest held by a third party over the Canbelego
area will be shared 50:50 by GCR and PM.

THE MT BOPPY GOLD MINE

The Mt Boppy Gold Mine reached peak gold production in 1894, when it
was recorded as NSW`s richest gold mine. Its historic production was
about 380,000 ounces of gold, from 1 million tonnes of ore at an
average grade of about 12 g/t gold.

The Mt Boppy gold lode occurs within a syncline that is plunging 20
to 30 degrees into GCR ground (see Figure for longitudinal section).
Recent PM drilling identified significant gold mineralisation at
depth above the keel of the syncline. Hole PMS 65 averaged 20m at
7.73 g/t gold in the eastern limb of the syncline. This hole is
located 100m north of ML 311, in which GCR holds the ground 2m or
more beneath the surface. PM is considering underground mining
operations to extract ore at depth.

PROSPECTIVE GOLD TARGETS ON GCR GROUND

The prospective gold-bearing horizon that hosts the Mt Boppy Gold
Mine extends northwest and southeast into GCR ground. Structural
settings very favourable for gold deposition are repeated along this
horizon in tight folds. These folds are known to contain gold
mineralisation yet to date have not been tested by drilling.

At South Mt Boppy, on GCR ground, colloform and crustiform banded
epithermal quartz veins outcrop in old pits and shafts. Veins exposed
in the top of the No 2 Shaft returned 16.4 g/t gold over 0.3m and
27.6 g/t gold in grab samples. Rock chip sampling of a stockwork zone
adjacent to the veins returned 6.6 g/t gold over 1m. Nine grab
samples of banded, fine-grained quartz veins were collected from a
line of rubbly subcrop over a strike distance of 50m. These returned
an average of 4.8 g/t gold, with the highest being 11.6 g/t gold and
the lowest 1.65 g/t gold. Mullock from the old Neshems Shaft returned
up to 53.0 g/t gold. RAB and auger geochemistry indicates that the
South Mt Boppy prospect is located in a north-trending corridor of
silicification and gold mineralisation at least 200m long and up to
80m wide.

At the Birthday prospect previous shallow drilling around the old
workings outlined a zone of gold-lead-zinc-antimony mineralisation.
Recent RAB drilling along strike extended the length of this
north-trending zone to over 500m.

DRILLING SCHEDULED THIS MONTH

PM will spend $200,000 drilling for open-pittable oxide gold deposits
over the old gold mines such as Mt Boppy South, Birthday and Mt Boppy
West. Drilling is scheduled for April, as soon as the holes are laid
out and a suitable drill rig is available. PM`s aim is to quickly
identify additional ore to feed its 150,000 tpa plant. If PM is
successful, GCR would gain its first cash flow.

SEVEN ACTIVE JOINT VENTURES

There are now seven active joint ventures on 100%-owned GCR ground,
with total earn-in expenditures exceeding $17 million: Broken Hill
(GCap), Broken Hill (Sipa), Canbelego (Polymetals), Cargo (Falcon
Minerals), Wagga Tank (Pasminco), West Wyalong (MIM) and Yellow
Mountain (Triako).

Enquiries/requests to receive announcements by email: David Timms
Ph [phone], email address: [e-mail]

This report was prepared by David Timms, full time employee of Golden
Cross Resources Ltd, who is a Fellow of the AIG and AusIMM and has
more than five years experience in the field of activity in which he
is reporting.

A copy of the full announcement, including the map, is available in
PDF format on www.asx.com.au. Alternatively it is available for
purchase from ASX Customer Service on 1 300 300 279.



Hobart

[Aktienfossil]

Takeover certitude lifts MIM
April 4 2003




Surging ... share price indicates investors can smell a deal in the offing.


Shares in Brisbane-based miner MIM Holdings firmed another 3 per cent yesterday, amid speculation the board was ready to accept a takeover bid at $1.76 a share.

Investors traded a hefty 30 million shares in MIM yesterday as analysts tipped the four- month long negotiations with Anglo-Swiss suitor Xstrata were days away from completion.

MIM stocks finished the day 5c higher at $1.60 - its biggest closing price since January this year.

A resources analyst from UBS Warburg, Shaun Giacomo, said the market had continued to factor a takeover premium into the price, in expectation of the $1.76 a share offer going through.

"Judging by today`s price reaction, the market is of the view that there`s a better than 50 per cent chance of something happening - and happening within days rather than months," he said.


Mr Giacomo said the surge in MIM`s share price might push the South African-focused mining group`s offer toward the $2 range.

"Xstrata`s taken a long time to look at MIM and they`re comfortable with the assets.

"Though you can never assume it`s a done deal, it`s probably now just a matter of negotiating on that price."

Mr Giacomo said the protracted takeover talks had added as much as 40c to MIM`s share price, helping it to outperform bigger mining names like Rio Tinto and BHP.

"It`s been a wonderful stock to own. If there was no takeover bid - and if you consider where we are in the metal-price cycle - then MIM shouldn`t be trading at any more than about $1.30."

A Brisbane-based report earlier this week said Xstrata`s managing director, Mick Davis, had flown into Australia this week to wrap up the deal.

An MIM spokesperson, however, declined to comment on the rumours, other than to say the deal remained "ongoing and incomplete".


http://www.smh.com.au/articles/2003/04/03/1048962883008.html

Aktienfossil

[Aktienfossil]

MIM war heute die meistegehandelste Aktie in Australien. Am Kurs hat sich allerdings nichts getan... Aber steigendes Volumen ist durchaus in den meisten Fällen positiv zu bewerten.


Aktienfossil

[Aktienfossil]

wenn die 1,68 AUD überwunden sind, könnte es schnell auf ca. 1,8 bis 1,9 $ gehen:



Aktienfossil

[ozfreak]

MIM Shares In Trading Halt
By Peter Mavromatis, 07 Apr 2003



The shares of MIM Holdings Ltd (MIM) were placed in a trading halt this morning pending an announcement from the company. The shares will remain in pre-open until the earlier of the commencement of normal trading on Wednesday April 9, 2003 or the release of the announcement.

MIM has been in talks with Xstrata for more than four months since it received an unsolicited approach from the London and Zurich-listed rival last November.

MIM closed at $1.60 on Friday.


ozfreak

[Hobarty]

Xstrata übernimmt Australian MIM


Montag, 7. April 2003 10:16


Xstrata (LSE:XTA;SWX:XTAN) gab heute die Übernahmen von Australien MIM Holdings Ltd für $2,959 Milliarden, inklusive der Schulden von MIM, die sich auf $894 Millionen belaufen sollen, bekannt.

Durch die Übernahme wird Xstrata auch in den Bereichen Kupfer und metallurgische Kohle Fuß fassen können, außerdem wird das Unternehmen nun verstärkt in Süd Afrika vertreten sein.

Xstrata wird A$1,72 je MIM Aktie ausbezahlen.

Glencore International AG, die 40 Prozent an Xstrata hält, hat der Übernahme ebenfalls schon zugestimmt.

Die Xstrata Aktien stiegen in London um 9,97 Prozent auf 535 p und in der Schweiz um 7,14 Prozent auf CHF 11,25.

[KingCox]

Xstrata präsentiert Übernahmeofferte für MIM
Aufstieg unter die Grössten im Bergbau

gab. Der Zuger Rohstoffkonzern Xstrata, die ehemalige Südelektra, will nun offiziell für 2,96 Mrd. $ den australischen Bergbaukonzern MIM übernehmen. Gelänge der Zukauf, würde Xstrata ihrem Ziel, eine der grössten Bergbaugesellschaften der Welt zu werden, ein gutes Stück näher kommen. Sie nähme weltweit den dritten Rang als Kohle-Exporteur ein und könnte das Angebot von in Kraftwerken gebrauchter Kohle auf Koks (in der Stahlherstellung benutzt) ausweiten. Xstrata ist bereits weltgrösster Chrom-Produzent und der zweitgrösste Vanadium-Hersteller. In der neuen Gruppe würde der Anteil von Kraftwerkkohle am Betriebsgewinn (Ebitda) von heute 63% auf 33% fallen. MIM brächte unter anderem auch Kupferminen in die Firma ein, die 39% am Ebitda ausmachen würden. Kraftwerkkohle und Kupfer würden 35% bzw. 25% am Umsatz ausmachen, der Zink/Blei/Silber-Komplex als drittgrösste Produktegruppe 22%. Zudem würde die neue Xstrata ihre bisher recht einseitige Ausrichtung auf Südafrika als Produktionsstandort verringern.

Finanziert werden soll die Transaktion über eine Wandelanleihe, die rund 1,4 Mio. $ einbringen soll und im Verhältnis 1:1 in Aktien gewandelt wird. Das Bezugsrecht für die Altaktionäre soll 3:2 betragen. Der mit 40% grösste Xstrata- Aktionär, Glencore, hat sich bereit erklärt, an der Finanzierungsaktion mitzumachen. Der Rest der Anleihen wurde von der Deutschen Bank und JP Morgan vollumfänglich gezeichnet. Der Rest der Summe soll mit Bankkrediten aufgebracht werden. Dadurch würde das Verhältnis der Verschuldung zum Eigenkapital auf 45% steigen. Gegenüber der Nachrichtenagentur Bloomberg sprach Finanzchef Trevor Reid aber davon, dieses Verhältnis innert weniger Jahre auf 30% zu senken. Insgesamt betrüge die Verschuldung 2,4 Mrd. bis 2,5 Mrd. $.

Der vorgeschlagene Akquisitionspreis für die MIM-Aktien liegt gemäss dem Angebot um 37,6% über dem Kurs von MIM am 20. November letzten Jahres, als die Gespräche mit Xstrata angekündigt worden waren, und um 7,5% über dem Schlusskurs von MIM vom 4. April (austr. $ 1.60). Die Transaktion ist allerdings nicht ganz unumstritten. Der Verwaltungsrat von MIM unterstützt sie, während sich offenbar der geschäftsführende Direktor Vince Gauci dagegen ausgesprochen hat. Entschieden werden dürfte an einer Aktionärskonferenz im kommenden Juni.

[KingCox]

Hope fades for a MIM sweetener

By Michael Weir



INVESTORS appeared to hold little hope yesterday of a better offer for MIM Holdings, with the Queensland coal and copper giant`s shares failing to top the $1.72-a-share bid unveiled on Monday by Swiss miner Xstrata.

Instead, many investors took advantage of the stock`s three-year high of $1.70 to quit the underperforming shares rather than waiting until at least July for a cheque from Xstrata.

A massive 107 million shares were traded as the stock closed 8¢ higher at $1.68.

Analysts and fund managers expressed disappointment at Xstrata`s $4.9 billion offer, but admitted the chances of a counter-bid were slim given that MIM had spent four months trying to create a bidding war.

They said there was some hope that managing director Vince Gauci`s opposition to the bid might result in a sweetener from Xstrata.

But Mr Gauci would not elaborate yesterday on his reasons for going against the other board members, who have recommended shareholders vote for the scheme of arrangement.

He said the proposal did not adequately reflect the value of the company and his full reasons would be contained in the information memorandum due to be sent to shareholders before the end of the month.

The document will also contain Grant Samuel`s independent expert`s report, which has put a value on MIM of $1.70 to $2.24.

AMP Henderson Global Investors, which controls about 3 per cent of MIM, said it would not sell "immediately".

"It`s clearly at the bottom end of the independent expert`s valuation range," fund manager Gary Armor said. "We need to do some work before we accept this.

"I`m a bit concerned that Vince Gauci is not supporting it. This guy has added a lot of value to the company over the last few years.

"We value his opinion and we should understand why he has that opinion."

Other fund managers said they were concerned at the lack of information from MIM.

MIM chairman Leo Tutt said the company would not promote the offer and was not able to solicit other bids, but could recommend a higher bid should one eventuate.

A break fee of up to $52 million is payable to Xstrata if a successful higher bid emerges or if there is any change of recommendation by directors.

MIM will earn up to $26 million if there is a material breach by Xstrata.

Global mining giant Anglo American was seen as the most likely counter-bidder, but the chances of a bidding war were put at less than 50 per cent.

A WMC Resources spokeswoman confirmed it had recently looked at MIM "but we can`t justify paying $1.72 a share".

ABN AMRO analyst Warren Edney said Xstrata was highly likely to be successful and the bid was fair, even if it was not reasonable.

Citigroup Smith Barney analyst Clarke Wilkins said the bid was lower than the $1.76 price speculated before the offer, which may suggest Xstrata was keeping something in reserve.

But the ability to cash out of MIM at its net present value and reinvest in mining companies trading at a discount to NPV was compelling, he said.

It does not appear the takeover of another of Australia`s mining big names will ignite a foreign ownership debate.

Federal Treasurer Peter Costello barred Royal Dutch-Shell from taking over Woodside Petroleum two years because of national interest concerns, but observers said yesterday MIM was a different situation.

State Opposition Leader Colin Barnett said the issue with Woodside was its strategic control over offshore gas reserves.

[KingCox]

Xstrata saw MIM value,says Gauci

By Alex Tilbury



XSTRATA, the Swiss company bidding for MIM Holdings, realised the market undervalued Australia`s biggest copper producer, MIM managing director Vince Gauci said yesterday.

And Mr Gauci is sleeping easy over his opposition to Xstrata`s $4.93 billion takeover offer for the Brisbane-based MIM.

Mr Gauci split from the MIM board which has backed Xstrata`s $1.72 a share cash bid for the miner, because he believed the bid was too low and failed to include any of the company`s future growth projects.

"I think it is pretty healthy to have a difference of opinion with a board of directors," Mr Gauci said.

"I suspect Xstrata recognised it (that the market had undervalued its assets) before the market.

"I`ve made it publicly known for a fair period of time that I did not believe the market was fully valuing the company and that was more likely to be recognised by the industry than the market."

Shareholders will receive a letter from Mr Gauci outlining his concerns, along with an information memorandum with the independent report by merchant bank Grant Samuel & Associates, later this month.

Mr Gauci said he had not yet articulated to anybody, other than his board, his reasons for not supporting the offer.

"We are all working extremely hard here and I`ve got to get time to put it all down on paper to the shareholders," he said.

"I cannot say what I personally feel about it but obviously I have had a difference of opinion but I think that is healthy.

"All we can do is put the position to shareholders and the shareholders will need to make their own judgment about their own independent, individual circumstances."

Some analysts say the longer Mr Gauci stayed quiet the less likely it would be that a blocking stake could be amassed to scuttle Xstrata`s takeover ambitions.

Arbitrage fund managers pushed 80.5 million MIM shares through in trading yesterday - four times MIM`s daily average - with the shares finishing steady at $1.68.

Given the market has failed to push MIM`s share price above the $1.72 offer, the offer seems likely to succeed, as it implies there will not be a bidding war.

AMP Henderson Global Investors resources portfolio manager Gary Armor said he would sit on the fund`s MIM stake until the information memorandum and Mr Gauci`s reasons were released later this month.

"At this stage we really don`t know what to think," said Mr Armor, whose funds own just less than 5 per cent of MIM. "We`re not buying or selling at the moment."

Mr Armor is concerned about accepting a bid at the bottom end of the independent expert`s range of $1.70 to $2.24 a share.

ABN AMRO resource analyst Warren Edney said yesterday he was interested in Mr Gauci expanding on his reasons for his opposition.

"Vince could potentially do something to get the bid knocked on the head if he actually said something, but while he is quiet nothing is going to happen so I don`t think there is much of a chance really," he said.

Of the $US45 million ($74.2 million) cash savings Xstrata has identified for the first full financial year from the acquisition, $US15 million to $US18 million is a tax break from the Federal Government.






-AUSTRALIAN ASSOCIATED PRESS

[KingCox]

MIM wird ja noch fleissig gehandelt in Australien. Heute jedenfalls wieder ein ordentliches Volumen....

[Aktienfossil]

J P Morgan hat seinen Anteil an MIM inzwischen auch abverkauft.


Aktienfossil

[Hobarty]

GIRALIA RESOURCES NL 2003-04-24 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
HIGH GRADE GOLD LODES AND MINERALISED LATERITES UPGRADED

The Directors of Giralia Resources NL ("Giralia") report positive
results from drilling in March and April 2003 at the Company`s Snake
Well Joint Venture in Western Australia.

Mount Isa Mines Ltd ("MIM") can earn 60% interest in Giralia`s Snake
Well Project through expenditure of $3 million within 5 years with
Giralia continuing to manage and operate all work programs.

MIM-funded, Giralia-operated drilling to date has intersected high
grade gold lodes and widespread gold mineralised near surface
laterites, particularly from the 2 kilometre long Rabbit Well gold
anomaly, the most advanced of three major bedrock gold anomalies
outlined to date along a 15 kilometre long magnetic horizon
("Houghtons Magnetic Unit") hosted by mafic volcanics and intrusives.
Giralia initially acquired 100% interest in the Snake Well project in
July 2002. The tenement package includes a previously estimated
resource of 460,000 tonnes @ 3.11 grams per tonne gold ("g/t Au") at
`A-zone`.

Reverse Circulation ("RC") and diamond drilling in March and April
2003 (Stage 3) was targeted at the high grade `Mixy`, `Calisi 1` and
`Calisi 2` lodes at the Rabbit Well gold anomaly, with a single hole
beneath the `A-zone` deposit. The drilling program was designed to
firmly establish the orientation of the high grade lodes through
detailed structural logging of drill core, with follow up RC holes to
test strike extensions. A total of 10 holes were drilled for 1016
metres of RC and 229 metres of NQ core. Additionally, gold anomalous
four metre composite intervals from Stage 1 and 2 aircore and RC
drilling were resampled in one metre intervals, confirming and
upgrading high grade lode and laterite intersections at Rabbit Well.

Positive results were returned from Stage 3 drilling at all four
prospects tested including intersections of 20 metres @ 3.08 g/t Au
from the `Mixy` lode, 4 metres @ 14.8 g/t Au from beneath the
`A-zone` resource, 1 metre @ 26.4 g/t Au from the `Calisi 1` lode,
and 4 metres @ 5.46 g/t Au from `Calisi 2`.

The most significant results were from the `Mixy` lode, where
intersections of 20 metres @ 3.08 g/t Au, and 12 metres @ 1.57 g/t Au
were returned from step out holes 80 metres east and 60 metres west
of a previously reported intersection in hole RASW009, of 16 metres @
9.6 g/t Au from surface. One metre resampling of hole RASW009 (which
is located 70 metres updip of a previous RC intersection of 13 metres
@ 5.08 g/t Au), returned 14 metres @ 9.95 g/t Au from 3 metres down
hole, including 6 metres @ 20.9 g/t Au. The Mixy lode remains open
along strike and at depth.

At the `Calisi 2` lode, one metre resampling of Stage 2 aircore holes
RASW095 and RASW096, located 25 metres grid east and west
respectively of a previous high grade intersection of 8 metres @ 25.3
g/t Au, returned 1 metre @ 14.9 g/t Au and 2 metres @ 18.6 g/t Au
(within 12 metres @ 4.38 g/t Au). Previous drilling at the nearby
`Calisi lode 1` (a parallel lode located 250 metres north) returned
intersections including 8 metres @ 9.5 g/t Au, 8 metres @ 7.2 g/t Au
and 3 metres @ 22.3 g/t Au.

At the `Lop` laterite zone, a gold mineralised near-surface lateritic
gravel layer has been outlined, over an approximately 300 metre x 150
metre area. Resamples of anomalous composites returned zones of 3-5
metres thickness at +1 g/t Au, including 4 metres @ 1.65 g/t Au, 3
metres @ 3.05 g/t Au and 5 metres @ 1.15 g/t Au within broader zones
of +0.5 g/t Au.

Additionally, mineralised laterites were intersected at `Lop South`
(4 metres @ 1.23 g/t Au from 2 metres depth) and `Warren` (3 metres @
2.75 g/t Au from 4 metres depth). Preliminary metallurgical testwork
on drill composites from the `Lop` and `Warren` prospects, returned
positive results with gold recoveries of approximately 90%.

R M Joyce
DIRECTOR

The information in the above announcement was compiled by R M Joyce,
who is a Member of the AusIMM, with not less than 5 years
experience in the relevant fields, and who consents to the report
appearing in the form and context in which it appears.

MORE TO FOLLOW



Am Kurs wird sich eh nichts mehr tun...


Hobart

[maischbert]

[Bahnhofstrae]

Canvassing begins for support of MIM shareholders
May 5
Stephen Wisenthal

MIM shareholders will this week receive the first detailed analysis from the company about why they should accept Xstrata`s $4.9 billion bid, and the first word from the `no` campaign led by Platinum Asset Management.

Most analysts expect the $1.72-a-share offer - higher than the shares have traded in six years - to succeed when shareholders meet to vote on June 6.

But some say the scheme of arrangement structure leaves an opening for the proposal to be defeated. The rules require that 75per cent of shares voted be in favour of the scheme, but they also require that a majority of the shareholders who vote at the meeting, in person or by proxy, offer support.

There is some chance that more than half of the private individuals among MIM`s 78,000 shareholders will vote against the plan, said ABN Amro resources analyst Warren Edney.

"A lot of shareholders would view that the company`s worth more than $1.72," he said.

Still, he advised any short-term investors to sell. "There`s no doubt that the share price if the bid doesn`t go through will fall," Mr Edney said.

The potential for a short-term price decline is a key part of the argument by MIM chairman Leo Tutt and the five other non-executive directors, who have recommended the Xstrata offer.

They say there is no guarantee the price may rise in the future.

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Managing director Vince Gauci, on the other hand, argues that $1.72 is not fair given MIM`s future growth prospects.

Both Mr Tutt and Mr Gauci will be responding to queries from institutional investors this week. However, both have said they will not actively campaign.

Platinum, which owns 2.5per cent of MIM`s shares, failed in a bid last week to block court approval of the scheme of arrangement.

The investment firm will be mailing a letter to MIM`s shareholders this week pressing its case for staying with the company for the medium to long term.

Platinum will encourage shareholders to either vote against the Xstrata scheme, or to send the investment firm their proxies.

The battle to save MIM received no favours from the company`s third-quarter production report, released last week with a warning that second-half profit was likely to range between $50million and $65million. UBS Warburg cut its forecast for full-year profit for MIM by 10per cent to $59.7million. JBWere slashed its forecast by 18per cent to $84million, while Challenger First Pacific lowered its prediction by 11per cent to $65.1million.

Warburg said after the information memorandum was released on Thursday that there were other stocks with more upside.

"Our first pass of the document does not reveal significant new value that might flush out a significantly higher offer, or compel Xstrata to sweeten its bid," the broker said.


Bahnhofstraße

[Aktienfossil]

Platinum urges MIM holders to reject bid
By James Chessell
May 7 2003





Platinum Asset Management`s chief executive, Kerr Neilson, has written to MIM`s 75,000 shareholders asking them to reject Xstrata`s $4.93 billion takeover offer.

While most analysts expect the $1.72-a-share offer to succeed when shareholders vote at a June 6 meeting in Brisbane, Platinum and MIM boss Vince Gauci have publicly opposed the Swiss group`s bid, opening the way for retail shareholders to block the bid.

"Under Mr Gauci and his management team, MIM has seen significant improvements in operating costs and production volumes," Mr Neilson wrote. "For this reason Platinum prefers his assumptions as to future operations over those adopted by [independent expert] Grant Samuel."

Mr Gauci is the only one on the MIM board to oppose Xstrata, whose bid he considers "inadequate, opportunistic and too low".

However, some analysts argue the scheme of arrangement structure leaves an opening for the proposal to be defeated. It requires 75 per cent of shares voted to be in favour and a majority of the shareholders at the meeting, in person or by proxy, to vote yes.


According to ABN Amro`s Warren Edney, there is a chance that enough "mum and dad" investors - those targeted by Platinum - will vote against the proposal.

"The problem for the bid is that the talks started in November, before the Iraq war," said Tolhurst Noall adviser Marcus Padley.

"In the light of the lift in the market, the lift in the geopolitical risk, and a lift in the hopes of a US economic recovery, the whole bid begins to look like a foreigner grabbing Australian assets at the bottom of the market. At least that`s the marketing to the `reject the bid` lobby group."

In its letter, Platinum argues Xstrata`s plans to fund the offer through a $US1.4 billion rights issue as "complex and conditional" but admits it is "probable" MIM`s share price will fall should the bid fail.

"As a serious investor, Platinum believes the long-term value of MIM is greater than the current scheme price."

A short-term share price decline is central to MIM chairman Leo Tutt and the five other non-executive directors`s argument for the bid. They point out there is no guarantee the shares will return to bid levels.


http://www.smh.com.au/articles/2003/05/06/1051987706364.html

Aktienfossil

[Aktienfossil]

MIM Takes Indophil Placement
By InvestorWeb, 07 May 2003



MIM (MIM) has subscribed to a placement from junior mining company Indophil. MIM has been issued two million shares in Indophil at 25 cents per share to raise $500,000 under the terms of the option agreement for MIM`s involvement in the substantial Tampakan copper/gold project.

MIM had previously subscribed for 2.5 million shares in Indophil at 20 cents per share.

MIM is trading at $1.70, up one cent.


Aktienfossil

[Plotin]

gestern war hv, kurs heute -34%. weiss jemand, wieso?

[Plotin]

kann`s das sein???

++++++++++++++++++

Australisches Kartellamt genehmigt Mrd schwere MIM-Übernahme durch Xstrata
SIDNEY (dpa-AFX) - Das australische Kartellamt hat den Weg für die 2,96 Milliarden Dollar schwere Übernahme des australischen Minenunternehmens MIM durch den Schweizer Rohstoffkonzern Xstrata Plc frei gemacht. Der Kauf habe nur geringen Einfluss auf den Wettbewerb am Kohlemarkt, teilte die Behörde am Freitag in Sidney mit. Durch den Kauf würde Xstrata zum weltweit drittgrößten Kohleexporteur aufsteigen und könnte sein Angebot von Kraftwerkskohle auf das in der Stahlproduktion benötigte Koks ausweiten.

In London begann am Freitag der Bezugsrechtshandel für eine Wandelanleihe, mit der die im FTSE-100-Index gelistete Xstrata die Übernahme zum Teil finanzieren will.

Xstrata hatte Anfang April 1,72 australische Dollar je MIM-Aktie in bar geboten. Dies entspricht einem Übernahmepreis von rund 4,93 Milliarden australischen Dollar (2,96 Milliarden US-Dollar). Die Schweizer übernehmen auch die Schulden von MIM, die auf 894 Millionen US-Dollar geschätzt werden.

FINANZIERUNG ÜBER WANDELANLEIHE

Die Übernahme will Xstrata teilweise über den Kapitalmarkt finanzieren. Eine Wandelanleihe, die mit einem Bezugsrecht 3 zu 2 begeben wird, soll 901 Millionen britischen Pfund (1,4 Mrd Dollar) einspielen. Sobald der Übernahmenvertrag abgeschlossen wird, berechtigt jede der Wandelanleihen zum Bezug einer neuen Xstrata-Aktie. Die restlichen Mittel will das Schweizer Unternehmen mit der Hilfe von Banken aufbringen.

Zusätzlich zum Ausbau des Kohleexports steigt Xstrata mit der Übernahme auch in das Geschäft mit Kupfer und Blei ein. Xstrata ist bereits der weltweit größte Chromproduzent und der zweitgrößte Vanadiumhersteller. Mit MIM gewinnt Xstrata ein Standbein außerhalb Südafrikas. Von der Forstwirtschaft in Chile abgesehen hat Xstrata bisher den Löwenanteil seiner Produktion auf Südafrika konzentriert.


Die Schweizer Rohstoffhandelsfirma Glencore hält 40 Prozent an Xstrata. Firmensitz von Xstrata ist Zug in der Schweiz. Notiert wird die Aktie des Unternehmens in London./cs/jkr/sbi

[Aktienfossil]

B Ö R S E N - N E W S
Australisches Kartellamt genehmigt Mrd schwere MIM-Übernahme durch Xstrata

Das australische Kartellamt hat den Weg für die 2,96 Milliarden Dollar schwere Übernahme des australischen Minenunternehmens MIM durch den Schweizer Rohstoffkonzern Xstrata Plc frei gemacht. Der Kauf habe nur geringen Einfluss auf den Wettbewerb am Kohlemarkt, teilte die Behörde am Freitag in Sidney mit. Durch den Kauf würde Xstrata zum weltweit drittgrößten Kohleexporteur aufsteigen und könnte sein Angebot von Kraftwerkskohle auf das in der Stahlproduktion benötigte Koks ausweiten.

In London begann am Freitag der Bezugsrechtshandel für eine Wandelanleihe, mit der die im FTSE-100-Index gelistete Xstrata die Übernahme zum Teil finanzieren will.

Xstrata hatte Anfang April 1,72 australische Dollar je MIM-Aktie in bar geboten. Dies entspricht einem Übernahmepreis von rund 4,93 Milliarden australischen Dollar (2,96 Milliarden US-Dollar). Die Schweizer übernehmen auch die Schulden von MIM, die auf 894 Millionen US-Dollar geschätzt werden.

FINANZIERUNG ÜBER WANDELANLEIHE

Die Übernahme will Xstrata teilweise über den Kapitalmarkt finanzieren. Eine Wandelanleihe, die mit einem Bezugsrecht 3 zu 2 begeben wird, soll 901 Millionen britischen Pfund (1,4 Mrd Dollar) einspielen. Sobald der Übernahmenvertrag abgeschlossen wird, berechtigt jede der Wandelanleihen zum Bezug einer neuen Xstrata-Aktie. Die restlichen Mittel will das Schweizer Unternehmen mit der Hilfe von Banken aufbringen.

Zusätzlich zum Ausbau des Kohleexports steigt Xstrata mit der Übernahme auch in das Geschäft mit Kupfer und Blei ein. Xstrata ist bereits der weltweit größte Chromproduzent und der zweitgrößte Vanadiumhersteller. Mit MIM gewinnt Xstrata ein Standbein außerhalb Südafrikas. Von der Forstwirtschaft in Chile abgesehen hat Xstrata bisher den Löwenanteil seiner Produktion auf Südafrika konzentriert.


Die Schweizer Rohstoffhandelsfirma Glencore hält 40 Prozent an Xstrata. Firmensitz von Xstrata ist Zug in der Schweiz. Notiert wird die Aktie des Unternehmens in London./cs/jkr/sbi



09.05.2003 - 11:31
Quelle: dpa-AFX

http://finanzen.focus.msn.de/D/DS/DSF/dsf.htm?pfad=kursliste…


Aktienfossil

[Aktienfossil]

Katter adds his voice to MIM nay sayers
May 16 2003





After "carefully considering" Xstrata`s bid for MIM Holdings, Queensland independent MP Bob Katter has thrown his hat into the ring to lobby the Foreign Investment Review Board to reject the $5 billion offer.

While not considered likely, the possibility FIRB may block the bid has put some pressure on the Queensland miner`s previously solid share price and prompted a swift response from the Swiss predator.

"I called MIM to tell them what I was doing and about seven minutes later I got a call from Xstrata in London wanting to talk to me so they must be pretty worried," Mr Katter said yesterday. "I was getting in a plane so I won`t talk to them until [today] but I`m not sure anything they say will change my mind".

Mr Katter said a group of Queensland politicians, in-cluding Mt Isa mayor Ron McCullough and state MP Tony McGrady, would focus on shareholders in the Mt Isa region.

The group finds itself in an unlikely alliance with Sydney fund manager Platinum Asset Management, which wrote to MIM`s top 100 shareholders yesterday arguing that the bid undervalues the company.


Mr Katter is expected to put his case in more emotive terms, but both parties are pinning their hopes of defeating the proposal on MIM`s "mum and dad" investors.

Platinum`s campaign has also drawn a response, with Xstrata reportedly calling MIM shareholders to ask them about the vote and whether they had been influenced by the fund manager.

While most observers expect the $1.72-a-share offer to succeed when shareholders vote at a June 6 meeting, it requires 75 per cent of shares voted to be in favour and a majority of the shareholders at the meeting, in person or by proxy, to vote yes.

Both Mr Katter and Platinum director Andrew Clifford believe they can convince sufficient shareholders to vote no even though the shares are expected to drop should Xstrata fail.

MIM`s board supports the bid, which falls within independent expert Grant Samuel`s valuation, but managing director Vince Gauci opposes the offer.

MIM`s heavily traded shares closed 3c lower at $1.67 after touching $1.65 during the day, the first time they have dropped significantly below Xstrata`s bid.

Unsourced reports in London that FIRB could reject the bid might prompted have local selling, one institutional trader said.

James Chessell

http://www.smh.com.au/articles/2003/05/15/1052885347781.html

seltsam, heute ein riesiges Volumen und ein Kursrückgang von 2 Prozent. Obwohl das Übernahmeangebot ein paar Cent darüber liegt...


Aktienfossil

[Aktienfossil]

Xstrata wary of fight to save MIM
By James Chessell
May 19 2003





For something that was meant to be relatively straightforward, Xstrata`s $5 billion bid for MIM is proving to be a little more combative than expected.

First institutional shareholder Platinum Asset Management and now a group of Queensland politicians led by outspoken federal MP Bob Katter are campaigning against the Swiss group`s $1.72 a share offer, arguing it is too cheap and not in the national interest.

While Xstrata says this opposition is not making it nervous, it appears to be taking notice.

Mr Katter said Xstrata representatives called him almost immediately after he told MIM he would lobby the Foreign Investment Review Board to block the bid, and again after he spoke to this newspaper.

While Mr Katter described Xstrata as "foaming at the mouth" and not wanting to "play this out in the media", the coal company suggested there might have been a misunderstanding. It said Mr Katter was a valid "stakeholder" entitled to his opinion.


Xstrata has engaged US communications group Georgeson Shareholder to canvas MIM`s "mum and dad" shareholders, whose votes could decide the fate of the Queensland miner.

"We are not a faceless company," an Xstrata spokeswoman said. "We are open and accessible. We think this offer is in the best interests of shareholders and it`s natural we would want to talk to all stakeholders to explain our point of view."

Xstrata denies suggestions that Georgeson is trying to sway shareholders and describes the phone calls as an "information gathering exercise".

"It is only natural that there will bit more noise leading up to the [June 4] vote," the spokeswoman said. "We are not worried but we don`t take anything for granted.

According to Platinum, about 35 per cent of MIM`s remaining 69,000 shareholders - up to 40 per cent of the company`s stock is held by hedge funds which will vote yes - live in Queensland.

Platinum, Mr Katter and MIM boss Vince Gauci, the only MIM board member to oppose the bid, will be pinning their hopes of blocking the deal on this traditionally parochial group.

Xstrata realises their importance and it is understood that Georgeson will focus on them.

There is little doubt the battle is heating up. Rumours about the FIRB knocked 5c off the share price last week. It is now 7c below the offer price.

Platinum - which ran full-page advertisements in several papers on the weekend and has written to shareholders questioning independent expert Grant Samuel`s $1.70 to $2.24 valuation - said that by Friday it had received proxies from shareholders opposed to the deal representing 5 per cent of the register.

Most observers still expect the majority of shareholders to take the cash offer, which is well above the share price before news of the takeover.

However, the way in which the transaction has been structured (through a scheme of arrangement) means a yes vote may not be a formality.

The scheme requires 75 per cent of voted shares in favour and half of those who vote to back the deal.

Xstrata should get enough votes to satisfy the first point but given there are reportedly fewer than 100 institutions on the register, retail shareholders will decide the second.

Mr Katter said he would ask the FIRB to block the deal and might use "the weapon of question time" to raise it with the Treasurer, Peter Costello.


http://www.smh.com.au/articles/2003/05/18/1053196480181.html

Aktienfossil

[Voicebox]

MIM`s Non-Exec Directors Urge Acceptance Of Xstrata Offer
By InvestorWeb, 20 May 2003



The six non-executive directors of MIM Holdings Ltd (MIM) have today said in a letter to MIM`s 75,000 shareholders they should take the "certain cash now".
The MIM board, by a 6:1 majority, believes the A$4.93 billion takeover offer from Xstrata plc was in the best interests of shareholders, and they recommend shareholders vote in favour of the scheme at the forthcoming meeting.

Managing director Vince Gauci and fund manager Platinum Asset Management with 2.5% reject the offer saying the offer price of A$1.72 does not fairly reflect the "profitability and prospects" of the company.

In the statement they said shareholders should be aware that MIM Directors were not seeking a buyer for the company. "However, given Xstrata approached us, your directors were obliged to fully consider and investigate the merits of the offer and other alternatives for the company."

The six directors, including chairman Leo Tutt, said that in the absence of any higher offer, there was no better alternative for shareholders, including continuing to hold their shares. "After detailed consideration of all available information we are clearly of the view that shareholders would be better off if they take $1.72 now." MIM shares have not closed locally at $1.72 or above since August 1997.

The directors said MIM`s future projects were in an early and uncertain stage and, if viable, would require substantial new investment. "There seems little doubt that if the offer does not proceed MIM`s share price will fall significantly. With the recent downward movements of the market for resource shares and the loss of the takeover premium, it is likely that the MIM share price would fall significantly if the offer does not proceed."

The Independent Expert also concluded that the balance of risks was such that shareholders were better off voting in favour of the Xstrata Offer.

The deal remains conditional on gaining the approval of MIM shareholders on June 6, plus the Foreign Investment Review Board.

MIM shares were unchanged at A$1.65 at 1415 AEST Tuesday.

[Voicebox]

Property Developer Acquires MIM Smelter
By InvestorWeb, 22 May 2003



British property development company St Modwen Developments Limited has contracted to acquire the site of MIM Holdings Limited (MIM) now closed zinc smelter at Avonmouth, UK. The smelter, owned by MlM`s wholly owned subsidiary Britannia Zinc Limited, was closed in February 2003.

Closure costs to MIM will be substantially reduced by the transaction and a lower than previously expected write-down of working capital. This will result in an estimated A$41m writeback of the A$113.8m closure provisions that were included in MIM`s December 2002 half financial results, and consequent increase of that amount to net profit for the June 2003 half year.

MlM Managing Director Vince Gauci said the transaction was an excellent outcome. It represents a real cash saving to MIM and a successful conclusion of the company`s strategy of exiting the two loss making European zinc smelters - at Avonmouth and last December the plant at Duisburg in Germany, he said.

As part of the transaction, MlM will pay £2m (approx. A$5m) to St Modwen for demolition. St Modwen will assume environmental responsibility for the site which it has acquired for potential future development. The transaction is expected to be completed around the end of July following final regulatory approvals.

MIM shares were down two cents to A$1.61 at 1415 AEST.

[Plotin]

Reuters

MIM says proxy votes favour Xstrata offer

Thursday June 5, 10:15 pm ET


BRISBANE, June 6 (Reuters) - Votes lodged ahead of a shareholder meeting to decide the fate of Australian miner MIM Holdings Ltd favoured a A$3.4 billion ($2.3 billion) takeover of the company by Xstrata Plc (London:XTA.L - News), MIM said on Friday.



MIM chairman Leo Tutt said 59.1 percent of the individual shareholder votes by proxy were in favour of the takeover.

Unusually for such a big, disputed takeover votes from MIM`s small shareholders decided the outcome because of a rule that a majority of the shareholders who vote must approve the deal -- meaning one small shareholder`s vote was worth the same as one big shareholder`s vote.

The decision will not be declared final until up to 1,000 small shareholders attending the meeting have vote.

The takeover proposal also easily secured the 75 percent support needed by total number of shares, with 88.9 percent of proxies in favour.

A takeover of the Australian coal, copper, zinc and lead miner will diversify Xstrata`s mining interests away from South Africa and broaden its commodity portfolio.

Xstrata pursued a mass-media campaign to win the support of shareholders in the company, which is regarded as a mining industry icon in Queensland state, where it began in the 1920s.

Xstrata offered A$1.72 for per share for MIM, which closed at A$1.65 on Thursday. The company was placed on a trading halt on Friday ahead of the vote result.

[Plotin]

Aktien London Ausblick: Fester - Xstrata und Flugzeugbranche im Blickpunkt

LONDON (dpa-AFX) - Die Londoner Aktienbörse wird am Freitag voraussichtlich mit leichten Gewinnen in den Handel starten. ....

Die Aktie der Bergbaugesellschaft Xstrata Plc könnte von Neuigkeiten profitieren, dass die Aktionäre der MIM Holding das Übernahmeangebot von 1,72 australischen Dollar je Aktie annehmen würden. ....

[Plotin]

Reuters
MIM shareholders approve Xstrata takeover
Friday June 6, 4:11 am ET


BRISBANE, June 6 (Reuters) - Shareholders in Australian miner MIM Holdings Ltd voted on Friday to approve a A$3.4 billion ($2.3 billion) takeover of the company by Xstrata Plc (London:XTA.L - News), paving the way for Xstrata`s diversification from South Africa.



Proxy votes lodged early in the day indicated Xstrata had won, with a final vote count showing 89.1 percent of shares were voted in favour and 58.5 percent of the shareholders who voted backed the bid, MIM said.

The takeover of the Australian coal, copper, zinc and lead miner diversifies Xstrata`s mining interests away from South Africa and broadens its commodity portfolio.

Xstrata pursued a mass-media campaign to win the support of small shareholders in the company, which is regarded as a mining industry icon in Queensland state, where it began in the 1920s.

Xstrata offered A$1.72 for per share for MIM, which closed at A$1.65 on Thursday. The company was placed on a trading halt on Friday ahead of the vote result.

[Aktienfossil]

No word on MIM job cuts after Xstrata takeover
Swiss Mining giant Xstrata says it cannot confirm how many jobs will go when it takes control of Mount Isa Mines next week.

Peter Coates from Xstrata says reports of more than 300 job losses is unsupported speculation.

He says there will be retrenchments at MIM`s head office in Brisbane, but nowhere else at this stage.

"We`ve made certainly made no decision about numbers and I think people need to realise we have got a business to run here," he said.

"We haven`t got vast resources of our own people to run the business and we will need people to keep the business running as normal so any attempt quantify numbers is purely speculative."

http://www.abc.net.au/news/newsitems/s883015.htm


Aktienfossil