Probably no more perfect example here of how cheap the stock may...

Probably no more perfect example here of how cheap the stock may have been sold down to....details follow of Xstrata $500M takeover of low grade/modest iron ore deposit in the Congo.

See link at very bottom, where Sphere provide scope for project development. Keen longer term investors will enjoy and may be a little reassured in examing this recent t/o...."IN THE CONGO".



Xstrata seeks to wrap up Sphere takeover

From: AAP
November 03, 2010

XSTRATA has increased its bid price for West Africa-focused iron ore developer Sphere Minerals Ltd by 20 per cent to $3 a share and declared the offer final.

The Swiss mining giant has so far amassed an 8.11 stake in the Perth-headquartered Sphere but will let the $514 million bid lapse by November 12 if it does not get to the required 50 per cent of acceptances to declare the offer unconditional.

Xstrata's wholly owned bidding vehicle Sidero Pty Ltd increased the offer today from $2.50 in an attempt to close out the $514 million friendly takeover move.

If successful, a takeover of Sphere would be Xstrata's second foray into the booming iron ore sector and by far its biggest investment in the mineral.

"We believe our cash offer ... is very attractive to Sphere shareholders and demonstrates our willingness to expedite the completion of our offer," Xstrata Coal chief executive Peter Freyberg said in a statement today.

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Sphere scoping detail:

http://www.promet.com.au/documents/ASXAnnouncementSphereMineralsAskafIronOreProjectinMauritania.pdf



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