bidding-war-wages-for-herald-resources

Bidding war wages for Herald Resources

The Antam-Zhongjin consortium trumps Bumi's bid with an offer of up to $500 million for the Australian mining company and secures the backing of Herald's board.
Antam and Shenzhen Zhongjin have offered up to A$524 million $500 million for Australian mineral exploration and development company Herald Resources, trumping an earlier offer made by Bumi.

IndonesiaÆs Antam, which already has a 20% stake in a joint venture with Herald to develop HeraldÆs key asset, the Dairi project on the Indonesian island of Sumatra, is bidding in consortium with Shenzhen Zhongjin Lingnan Nonfemet. The development potential of the zinclead project can be gauged from how hard both bidders are fighting to secure control of a company which had a net loss of A$1.23 million on a turnover of A$6.31 million for the 12 months ending June 30, 2007.

Antam and Zhongjin have...
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