Viking Ashanti wins control of Auminco Mines

Ulaanbaatar /MONTSAME/ Viking Ashanti has won control of takeover target Auminco Mines by gaining acceptances of 90.96% for the unlisted coal development company, says Proactive Investors website on April 30. According to that news, the takeover offer period will be extended by 14 days to Friday, 23 May 2014. Auminco holds the Berkh Uul project that is located in northern Mongolia next to a rail link that connects with Russian markets, and provides quick access to domestic power plants and industrial users at Darkhan and Ulaanbaatar, the news says. It has JORC resources of 38.3 million tonnes of high quality, open pittable unwashed bituminous coal. Successful production at Berkh Uul would provide significant cash flows to develop the remainder of the combined group's portfolio as well seek out further production and near term production opportunities Takeover Offer Under the terms of the offer, which was launched earlier this year, accepting Auminco shareholders will receive 60.6 Viking Shares and 20.2 Viking Options for every 100 Auminco Shares held. Auminco shareholders will emerge with a 47% stake in Viking, and play a major role in the evolution of Viking as a participant in the Mongolian thermal and coking coal markets. Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.