News: TIE UPDATE 1-China's Zhaojin Mining buyout offer for Tietto Minerals now unconditional

(Adds details from paragraph 3, share move in paragraph 5)

April 24 (Reuters) - China's Zhaojin Mining Industry 1818.HK said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia's Tietto Minerals (TIE) has become unconditional.

The Chinese gold miner also said that as of April 24, it held a 16.24% stake in the Australian gold producer.

Zhaojin owned a 7.02% stake in Tietto before the offer became unconditional.

All the other terms and conditions of the offer, including the new offer price announced on

15 April , remain unchanged, Zhaojin added.

Shares of Tietto Minerals rose as much as 7.11% to A$0.68, its highest level since April 19, 2023.

The Chinese gold miner last week increased its offer to buy the stake it did not already own in the Perth-headquartered firm to up to A$0.68 per share from A$0.58.

The

acquisition , if it goes through, would expand Zhaojin Mining's business overseas and increase profitability. ($1 = 1.5340 Australian dollars)