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Equinox Minerals Likely to Acquire Citadel Resource Group

By Joel ScanlonOct 25 2010

Equinox Minerals Ltd (ASX:EQN) has agreed to buy Citadel Resource Group Ltd (ASX:CGG) for Australian $1.2 billion in cash and shares.

The board of directors of Citadel has recommended the bid to its shareholders. This will allow Equinox Minerals, the owner of Africa's largest copper mine, to expand its operations in the Middle East.

Equinox is a dual listed company with listings in Australia and Canada. Its core project is the Zambian copper mine Lumwana which produced 43,835 tonnes of copper in the September ending quarter this year.

Citadel's main asset is the Saudi Arabian copper gold project Jabil Sayid. Construction of a mine began last quarter and it is expected to go into production phase by February 2012. Craig Williams, Equinox chief executive said today that this acquisition was a perfect fit.

Equinox Minerals is offering one share for every 14.3 Citadel shares and 10.5 cents to each Citadel share. The end of the deal will see Equinox Mineral shareholders owning 81% of the combined company and Citadel shareholders will own 19% of the company.

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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