australian article

Thought there may be some holders here who may not have seen the article from 'The Australian' on 6th June 2011 & also worth a re-read for anyone else -


ONE of Hong Kong's wealthiest and most powerful families may have a small Perth-based gold miner firmly in its sights, and it could have a role to play in the long-awaited consolidation of the West African gold industry.

Wei An Developments, which is registered to an address in the luxurious Hong Kong suburb of The Peak, has been recently buying shares in Noble Mineral Resources.

Last month, the group spent almost $13 million lifting its stake in Noble from 9.2 to 14.1 per cent.

Although the identity of those behind Wei An has been publicly unknown, according to sources the group is linked to the family behind the multi-billion-dollar Nan Fung group.

Nan Fung, headed by billionaire patriarch Chen Dein-hwa, is entirely private so does not enjoy the same public profile as some of the city's other ultra-rich families.

But it is ranked as Hong Kong's second-largest property developer, with interests also in shipping, textiles and financial services.

One Hong Kong-based source said the arrival of Wei An on the register had triggered buying in Noble by other Hong Kong investors "following the money".

Wei An is by no means the only group watching Noble very closely.

It is understood also that a number of Canadian companies, as well as several former directors of a recently acquired Australian miner, have been eyeing Noble as a possible target.

And another West African gold play, Perseus Mining, has reportedly been considering a bid for Noble as the next leg in its growth.

Perseus's Central Ashanti gold project in Ghana is just months from its maiden production, and after having long been touted as a likely acquisition target, Perseus appears to be looking at potential acquisitions of its own.

Noble, which is capitalised at about $230m and is, incidentally, chaired by Tunku Naquiyuddin, the son of Malaysia's former king, owns the 1.98 million ounce Bibiani gold project.

It is aiming to return the project to production in coming months and plans to be producing 150,000oz of gold a year from the project from next year.

Noble also expects to rapidly expand the project's resource base as satellite deposits are identified and drilled, offering potential upside to any buyer.

Adding to the attraction is that Bibiani is in Ghana, a country considered one of the most stable and safest mining destinations in Africa.