"Speaking to DataRoom after his presentation at the Macquarie Australia Conference, Mr Ellison said Essential Metals was highly strategic for its business. “We are yet to have a discussion with management. “We don’t want to be aggressive,” he said.“ We want to work with them.” Mineral Resources last month thwarted a buyout attempt of Essential Metals by acquiring 19.55 per cent of the company then voting against a 50c a share buyout proposal by IGO and Tianqi. He paid 58c a share for his interest to ensure the deal wouldn’t go through. His interest in the $120m company is because it has been accumulating a lot of land in that area that provides a lot of exploration opportunities. Mr Ellison said he was uncertain whether MinRes would bid for Essential Metals and may carry out a farm in agreement over its mining opportunities."
ESS Price at posting:
44.0¢ Sentiment: None Disclosure: Not Held
