Tag: Baltazar

First Quantum to acquire Scandinavian Minerals

first_imgFirst Quantum Minerals and Scandinavian Minerals have entered into a definitive agreement pursuant to which a wholly-owned subsidiary of First Quantum will acquire, by way of a court-approved plan of arrangement, all of the outstanding common shares of Scandinavian Minerals. The implied value of the purchase price is C$9.89 per Scandinavian Minerals share (based on the closing price of First Quantum shares on the TSE of C$89.36 on April 18, 2008), representing a 41.3% premium to the closing price of Scandinavian Minerals shares on the TSE of C$7.00 on April 18, 2008 and a 53.8% premium to the volume-weighted average trading price of the Scandinavian Minerals shares on the TSE of C$6.43 for the 20 trading days ended April 18, 2008.The Board of Directors of Scandinavian Minerals has unanimously approved the transaction and resolved to recommend to the holders of Scandinavian Minerals shares that they vote in favour of the transaction. In addition, the directors and senior officers of Scandinavian Minerals have entered into voting agreements with First Quantum, pursuant to which they have irrevocably agreed to vote their shares (including any shares issuable upon the exercise of options), representing approximately 13.6% of the issued and outstanding common shares of Scandinavian Minerals, in favour of the transaction.Commenting on the transaction, Peter Walker, President and CEO of Scandinavian Minerals said, “We believe that the transaction creates a compelling opportunity for the shareholders of Scandinavian Minerals to realise immediate and substantial value for their shares whilst also gaining exposure to profitable and fast-growing metal production through the receipt of First Quantum shares. First Quantum has the experience and track record to take the Kevitsa project through development to production smoothly and expeditiously.”Philip Pascall, Chairman and CEO of First Quantum said, “The acquisition of the Kevitsa nickel-copper-PGE deposit fits First Quantum’s strategy of developing or acquiring projects where, with our experience, we can add material value to the process of bringing them to commercial production and their subsequent efficient operation. Accordingly we look forward to lending our expertise to the development of one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history. This acquisition is also consistent with our goal of diversifying our assets geographically and across commodities.”Scandinavian Minerals’ current focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in northern Finland. Kevitsa is one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history. The Kevitsa deposit is easily accessible by road. Water and hydroelectric power are available nearby.In April 2007 Scandinavian Minerals commenced the Feasibility Study for the Kevitsa project. The study is being co-ordinated by St Barbara LLP of London. The metallurgical process has been developed by the Mineral Processing Laboratory of the Geological Survey of Finland. Plant engineering and design is being performed by Outotec. The study is based on an open pit operation mining approximately 5 Mt/y of ore, with production of nickel and copper concentrates for sale to local or overseas smelters and is expected to be completed in the second quarter of calendar 2008. www.scandinavianminerals.com; www.first-quantum.comlast_img read more

TheScoreies Morning Line everything you need to enjoy day three at Cheltenham

first_imgUpdated at 12.14 Source: John Giles(Ruby Walsh is confident unbeaten Annie Power can continue her impressive success at Cheltenham today)Three big talking points1. Can Geraghty triumph for third time in the Novices’ Chase? Source: PA Wire/Press Association Images(Irish jockey Barry Geraghty has already won twice at this year’s festival and 30 times in total)The Novices’ Chase, which gets underway at 1.30pm today, is undoubtedly one of the most difficult races to call with a number of strong contenders. Paul Nicholls’ Wonderful Charm and Willie Mullins’ Felix Yonger are unsurprisingly among the favourites, as is Jonjo O’Neill’s  Taquin Du Seuil.Meanwhile, Ireland’s Barry Geraghty is looking to claim a win for the third day in succession with Oscar Whisky, after previous triumphs on Jezki and O’Faolains Boy in the Champion Hurdle and RSA Chase respectively.Following Wednesday’s developments, Geraghty now has more wins (30) at the festival than anyone apart from Ruby Walsh (41).2. Benefficient and Dynaste set to go head to head again in Ryanair Chase Source: PA Archive/Press Association Images(Benefficient ridden by Irish jockey Bryan Cooper triumphed at last year’s festival)It’s no surprise to see Benefficient and Dynaste listed as the favourites in this year’s Ryanair Chase (2.40pm).The two came first and second respectively a year ago in Jewson Novices’ Chase, and Benefficient’s victory was somewhat of an upset on that occasion, having been priced at 20/1 .But don’t be surprised if Tony Martin’s eight-year-old emulates his previous success this time around, particularly given his trainer’s recent suggestion that the ground will suit the Irish gelding.Dynaste, meanwhile, has not been in action since putting in a disappointing performance in the King George VI Chase on St Stephen’s Day, and so his rival appears to have the edge going into this encounter.Moreover, Paul Nicholls’ Al Ferof, who’s ridden by Daryl Jacob, is arguably the most likely to trouble the aforementioned duo, and represents a tempting alternative gamble at 4/1.3. Will Annie Power live up to expectations in Ladbrokes World Hurdle? Source: Racing UK/YouTubeIf races were decided on paper, then Willie Mullins’ Annie Power would be the clear winner in this one, with odds of 7/4 at the time of writing.The favourites have performed relatively well so far this year, with Sire De Grugy and Faugheen coming out on top yesterday, and the undefeated mare, with a phenomenal ten wins from ten outings, is strongly positioned to continue that trend. Nevertheless, there are doubts over whether the Irish horse has the stamina to prevail today, despite jockey Ruby Walsh trying to allay these concerns in the build-up to the event.If you’re feeling a little more adventurous, More Of That (10/1) and the four-time champion between 2009 and 2012 Big Buck’s (3/1) are all surely worth a punt with Quevega unlikely to run after winning a record sixth straight Mares’ Hurdle on Tuesday.Watch all the action unfold from 3.20pm in what looks set to be an enthralling race.Nap of the Day Most people are seeing the Ladbrokes World Hurdle as a straight showdown between Annie Power and Big Buck’s, but horse racing is rarely so simple. Rule The World may be an outsider, but Mouse Morris’ horse appears to be priced invitingly at 9/1 (at the time of writing).An each-way fancy Source: PA Wire/Press Association Images(Taquin Du Seuil, pictured above with trainer Jonjo O’Neil and stable lass Kate, has decent odds this year)The Novices’ Chase looks like anyone’s race, though Oscar Whisky (6/1) and Taquin Du Seuil (8/1) are two of the genuinely strong contenders and consequently would be well worth an each-way bet.AccumulatorA treble on Taquin Du Seuil, Al Ferof and Big Buck’s is a somewhat daring but hardly unreasonable bet.As it happened: Cheltenham Festival 2014, Day 2>The Winner’s Enclosure: Irish eyes smiling once again after Day Two>last_img read more