https://newsletter.mw.creamermedia.com
Resources|Solar
Resources|Solar
resources|solar

Metallica recommends Diatreme offer

11th July 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Emerging silica sands developer Diatreme Resources has welcomed the decision by an independent board committee (IBC) of Metallica Minerals to recommend that shareholders accept Diatreme’s takeover bid.

The IBC comprised independent nonexecutive directors Stephen Everett, who is also nonexecutive chairperson, and Brad Sampson.

“The decision by Metallica’s IBC is sensible and pragmatic given that acceptances have now reached 82% and climbing, with the momentum clearly in favour of Diatreme’s bid,” commented Diatreme CEO Neil McIntyre.

“The IBC has correctly noted that Diatreme’s potential move to de-list Metallica from the ASX could result in remnant shareholders holding an illiquid, untradeable stock. The IBC also correctly identified the likelihood of any competing bid as non-existent,” added McIntyre.

Diatreme in February launched a takeover for Metallica to combine their silica sand assets in the Far North Queensland, creating a larger resource base to serve the global solar PV industry.

Diatreme considers its offer a compelling opportunity for both sets of shareholders, based on its vision of becoming a long-term producer of low-iron, high-purity silica sand in the Cape Flattery region.

Shareholders in Metallica have until July 23 to accept the offer of 1.3319 shares for each Metallica share.

Edited by Creamer Media Reporter

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (27/06/2025)
27th June 2025 By: Martin Creamer
London Indaba, Richards Bay Minerals make headlines
London Indaba, Richards Bay Minerals make headlines
27th June 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.171 0.245s - 126pq - 2rq
Subscribe Now