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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (22430)	6/22/2000 10:54:00 PM
From: Solon	Respond to of 25548

That should bring some of the Daytonites over! :) Good to see you still in the thick of it all!

To: Mike Gold who wrote (22430)	6/23/2000 2:14:00 PM
From: Handshake™	Respond to of 25548

Mike we're running out of majors to do a buyout with...at least if we want out by October. Friday June 23, 10:08 am Eastern Time Company Press Release Rio Tinto Takeover Offer for North At A$3.80 Per Share LONDON--(BUSINESS WIRE)--June 23, 2000--Rio Tinto Limited (NYSE: RTP - news) announced today that it will make a cash offer of A$3.80 per share for all the issued shares of North Limited. Rio Tinto Limited purchased a 14.5% holding in North today at A$3.80 per share. The offer represents a premium of approximately: 30% to yesterday's closing price of A$2.93 (the day before Rio Tinto entered the market to acquire its holding); 35% to the weighted average price for North over the past three months. The offer values North at A$2.80 billion compared with its market value at yesterday's close of A$2.16 billion. Mr. Leigh Clifford, Chief Executive of Rio Tinto, said, ``North has a number of assets that are complementary with Rio Tinto's. The acquisition of North provides the opportunity to combine Rio Tinto and North's mining operations and to pursue capital and operating efficiencies wherever they might exist. ``In particular, by combining our companies' iron ore businesses in Western Australia, we will become the world's second largest producer with diversified resources, products and markets. The bid strengthens the Australian iron ore mining industry and export base in the face of increasing global competition.'' Rio Tinto became the largest shareholder in North as a result of its on-market purchase of shares today. Mr. Clifford said, ``Rio Tinto's offer represents an opportunity for all North shareholders to realise a significant cash premium to the prevailing market price for their shares. This cash offer is being made at a full and fair price.'' The offer is subject to conditions, including Rio Tinto acquiring more than 50% of North shares and FIRB approval. The conditions are outlined in the attachment to this release. Rio Tinto's Bidder's Statement will be lodged as soon as possible. Rio Tinto Limited is making the offer through a wholly owned subsidiary, Rio Tinto Investments Two Pty Limited. Rio Tinto Offer for North - Bid Conditions Minimum Acceptance Condition - Rio Tinto acquiring a majority of North Shares before the end of the offer period. Regulatory approvals - Rio Tinto receiving FIRB and other necessary regulatory approvals before the end of the offer period. Absence of Regulatory action - No action being taken by a regulatory authority before the end of the offer period which might restrain the offer or require divestiture of shares or assets from either group as a result of the offer. No material adverse change - No material adverse change occurring to the assets, liabilities, financial or trading position, profitability or prospects of North or the status of any regulatory approvals applicable to North, before the end of the offer period (which will include incurring liabilities or diminishing net assets by more than $50 million individually or $150 million in aggregate). No material acquisitions, disposals or changes in business - No acquisitions, disposals or corporate transactions which involve a material change in the manner in which North conducts its business occurring before the end of the offer period (including joint ventures, asset or profit sharing arrangements, merger of businesses, or the amendment of the terms of or termination of such transactions). Index out - ASX All Resources Index not closing below 1100 for a period of three consecutive trading days before the end of the offer period. West Angelas - During the offer period, the Western Australian Government indicating to Rio Tinto that it will not oppose infrastructure sharing as between Hamersley Iron's existing operations and the West Angelas project and, in particular, a variation of the West Angelas Development Plan to provide a rail connection from West Angelas to Hamersley Iron's existing line rather than to Robe's existing line. Prescribed occurrences - None of the matters set out in s652C of the Corporations Law occurring before the end of the offer period. -------------------------------------------------------------------------------- Contact: Media Relations Rio Tinto, London Lisa Cullimore, 011-44-(0)20/7753-2305 Website: www.riotinto.com or Investor Relations Gavin Anderson & Co., New York Emma Murphy, 212/515-1972