tmr Tamaya falls short in Iberian takeover01/06/07 12:23 Copper...

tmr Tamaya falls short in Iberian takeover
01/06/07 12:23


Copper miner Tamaya Resources Ltd has fallen short in its takeover of gold hopeful Iberian Resources Ltd, after failing to snare the required shareholding for a compulsory acquisition.

Tamaya secured 86.21 per cent of Iberian before its $120 million takeover offer closed on Thursday.

The copper miner needed 90 per cent of Iberian for compulsory acquisition to go ahead.

"As Tamaya has acquired a relevant interest in less than 90 per cent of the ordinary shares of Iberian (being 86.21 per cent), compulsory acquisition will not be proceeding," Tamaya said in a statement.

Tamaya executive chairman Hugh Callaghan was unavailable for further comment.

The copper miner was offering four Tamaya shares for every Iberian share.

The proposed merger would have brought together the Chilean copper-gold producing assets of Tamaya and Iberian's advanced gold assets in Armenia and Portugal.

Tamaya is producing about 6,000 tonnes of copper annually from its Cinabrio mine in Chile and pondering expanding production to 13,000 tonnes by the end of the year.

Iberian's key asset is the Lichkvaz gold project in Armenia, which is expected to produce about 20,000 ounces this year before ramping up to a rate of 40,000 ounces a year.

The gold play also has the advanced Montemor gold project in Portugal.

By 1218 AEST on Friday, Tamaya shares were steady at 22 cents while Iberian was up four cents to 92 cents.