December 09, 2009Caledon Resources Tires Of Waiting For A Bid...

December 09, 2009

Caledon Resources Tires Of Waiting For A Bid And Gets Back To Business.

By Charles Wyatt/ www.minesite.com

When we last wrote about AIM and ASX-listed Caledon Resources, the managing director, Mark Trevan, was virtually in purdah as earlier in the year the company had asked RBC Capital Markets to find a buyer. The company in the frame was the Essar Group of India, though this was never confirmed officially. But either way, its due diligence went on and on, while junior mining companies were showing strong recovery and the price of coking coal was rising. Meanwhile, Mark could say very little about the bid with the compliance man from RBC breathing over his shoulder, but there was a sense that he could now see a very positive future for the company and hoped the bidder would go away. The title of the piece we ran while all that was going on was: “Caledon Resources Awaits A Bidder, But May Still Retain Its Independence As Coal Markets Improve”.( continued )