Bryah to retain manganese holding
Mining News Pro - Bryah Resources will retain its 70% shareholding in the Bryah basin manganese joint venture (JV) as suitors failed to meet outstanding conditions for the offer.
Bryah in January announced that it had received a conditional A$5-million cash offer from ASX-listed Primero Group and natural resources specialist investor AMCI Group to acquire Bryah’s interest in the JV with OM Manganese.
Outstanding conditions of the offer included Foreign Investment Review Board approval, OM Manganese agreeing with the offerors on future objectives for the JV, and the offers being satisfied with the due diligence results.
Bryah on Wednesday said dialogue between the company and the suitors had revealed that some of the outstanding conditions would not be achieved within the completion deadline of April 7, with the company announcing that the sale would not proceed.
To date, OM Manganese has spent some A$2.35-million on the JV to earn a 30% stake in the project, with a further A$650 000 to be funded in the second and third quarters of this year, increasing OM Manganese’s stake in the JV to 51%.
Primero Group is in the midst of a takeover from project house NRW Holdings, which is offering shareholders 27.5c in cash and 0.106 NRW shares for each Primero share held.