seemingly: it's official

http://af.reuters.com/article/metalsNews/idAFSGE69202320101003

MELBOURNE Oct 4 (Reuters) - Singapore-based company Sin-Tang Developments is planning a counterproposal to coal and base metals miner Xstrata's (XTA.L: Quote) A$428 million ($416 million) offer for Australian-listed Sphere Minerals (SPH.AX: Quote), a newspaper said on Monday.
The Australian Financial Review said it was not yet clear whether Sin-Tang, which last week emerged with an 8.6 percent stake in Sphere, was planning a full takeover or some other sort of deal.

It said Sin-Tang's adviser, Argonaut Securities, had met with representatives from one of Sphere's largest shareholders, Qatar Steel, in the past few weeks to win support for its plan.

A source close to Sin-Tang said the company had not invested in Sphere as a short-term play and had sufficient financial firepower to compete with Xstrata, the newspaper said.

Three Chinese businessmen control 95 percent of Sin-Tang.

Earlier this year, Sin-Tang bought a 5 percent stake in Exco Resources (EXS.AX: Quote) for A$4.9 million with rights to acquire a further 10 percent stake in the company, helping Exco to fund exploration and development of its Cloncurry copper project in Queensland.

Xstrata's offer for Sphere, a move to expand its iron ore holdings with Sphere's magnetite iron ore deposits in Mauritania, is due to expire on October 19.

Sphere's shares last traded at A$2.57, a small premium to Xstrata's offer of A$2.50 a share. ($1=1.029 Australian Dollar) (Reporting by Sonali Paul; Editing by Ed Davies)