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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (84662)	8/24/2011 10:21:32 PM
From: LoneClone	Read Replies (1) \| Respond to of 195027

UPDATE 1-Glencore says bids for the rest of Australia's Minara reuters.com Tue Aug 23, 2011 8:55pm EDT * Glencore bid to mop up part of nickel miner Minara shares it does not own * Offer of A$0.87 a share a 35.9% permium to Minara's last close * Minara yet to hit design production runs (Adds details) SYDNEY, Aug 24 (Reuters) - Global commodities trader Glencore International on Wednesday offered about A$268 million ($281 million) to acquire the 26.56 percent it does not already own in Australia's no. 2 nickel Minara Resources . The A$0.87 per share off-market offer is pitched at a 35.9 percent premium to Minara's last closing price of A$0.64 and is 31.6 percent higher that the weighted average share price over the last month, Glencore noted. The offer will close on Oct. 10, 2011 unless varied or withdrawn, according to statements by both companies. Minara has advised shareholders not to take any action until it had time to review the offer. Minara is targeting production of between 33,000 and 37,000 tonnes of nickel in 2011, second to BHP Billiton's Nickel West division. Nickel prices peaked at just under $29,500 a tonne in late February and have largely been on a downslope since. LME three-month nickel currently trades for around $20,850 a tonne. Minara operates the Murrin Murrin nickel mine in Western Australia. Murrin Murrin was built in the late 1990s by the then Anaconda Nickel and was designed to yield more than 40,000 tonnes of the raw stainless steelmaking alloy annually. Using untested leaching technology to glean nickel from ore in the Australian outback, Murrin Murrin has yet to reach design production levels. ($1 = 0.954 Australian Dollars) (Reporting by James Regan; Editing by Ed Davies)