Mining companies form queue for ICM
Sunday 14 September 2008
At least a dozen big-name mining firms are eyeing a takeover or joint venture with International Consolidated Minerals (ICM), the copper and lead producer listed on the Alternative Investment Market.
ICM chairman Greg Smith said that up to six mining companies, three valued at more than $25bn (£14bn), had visited its key asset, the Pachapaqui mine in Peru, since Credit Suisse was hired to look at strategic options for the business earlier this year. He added that another six or seven were due to visit later this year.
Mr Smith's plan is to build up the mine over the next two years and then sell up for more than $1bn, though this could happen in 2009 as the mine will be "cashflow positive" for the first time come March. He said on Friday: "We would look at an outright sale or at a joint venture. We've had a lot of interest and people have asked for information."
ICM became a dual-listed miner last month, floating on the Lima Stock Exchange in Peru.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 What are your fingerprint words?
- 5 Gary Lineker involved in Twitter row after presenter rubbishes claims he will be warned by BBC over foul-mouthed tweets
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...