Perilya Says Planned Takeover Won't Affect Broken Hill Operation

By Joel ScanlonOct 8 2010

Perilya Limited (ASX:PEM) Managing Director Paul Arndt has said that the takeover bid for an overseas mining company would not have a negative impact on operations in Broken Hill.

Perilya is presently in a binding pre-bid agreement to acquire the Toronto based Canadian company GlobeStar Mining Corporation.

The takeover bid will see Perilya become a copper/gold producer in the Dominican Republic thanks to GlobeStar's Mining assets. The deal is estimated at $ 186.1 million in which Perilya will take over 100% of GlobeStar Mining shares. The low-cost Cerro de Maimon copper/gold mine located inland from Santo Domingo on the Dominican Republic coast is the primary asset of the company.

Perilya is primarily a zinc, lead and silver producer at its Broken Hill project. The diversification attempt has the blessings of the 52% shareholder in Perilya, Zhongjin. The third largest zinc producer in China, Zhongjin is the financial muscle behind the cash and debt financing plan for the acquisition. It is also encouraging Perilya to look out for additional base metal and gold acquisition opportunities.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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