Posted in | News | Iron Ore | Mining Business

Xstrata Make Friendly Takeover Bid for Sphere Minerals

Global mining giant Xstrata has launched a friendly takeover bid for Australian-based Sphere Minerals, valuing them at A $428 million. The iron ore prospector Sphere Minerals is active in Mauritania. Xstrata is looking to acquire all the shares in Sphere Minerals for A$ 2.50 dollars a share via its subsidiary Sidero.

Since Sphere Minerals was a mining and exploration company with three large iron ore projects in Mauritania it would help Xstrata Coal’s bulk mining and project development capabilities. The projects are the large scale Guelb el Aouj project, the near term Askaf project and the Lebtheinia project.

The Chief Executive of Xstrata Peter Freyberg said in a statement that Xstrata has the financial and technical capabilities to expedite the development of Sphere’s green field growth projects and manage the inherent risks involved.

The directors of the West African focused Sphere Minerals have backed the bid by Xstrata unanimously saying that it offered an attractive premium. They will sell their shares and options into the bid.


Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Chai, Cameron. (2019, February 18). Xstrata Make Friendly Takeover Bid for Sphere Minerals. AZoMining. Retrieved on June 19, 2024 from

  • MLA

    Chai, Cameron. "Xstrata Make Friendly Takeover Bid for Sphere Minerals". AZoMining. 19 June 2024. <>.

  • Chicago

    Chai, Cameron. "Xstrata Make Friendly Takeover Bid for Sphere Minerals". AZoMining. (accessed June 19, 2024).

  • Harvard

    Chai, Cameron. 2019. Xstrata Make Friendly Takeover Bid for Sphere Minerals. AZoMining, viewed 19 June 2024,

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.