Metallica buys big

Queensland Ores has accepted a takeover bid.

Queensland Ores has accepted Metallica Minerals $2.3 million all-scrip, takeover bid.

In the target’s statement, Queensland Ores’ directors recommended that shareholders accept Metallica’s offer to purchase all of the company’s shares, after the company received another offer from Outback Metals who valued the company at $500,000 less.

Metallica Minerals was recently subject to its own sale with a Chinese investment company increasing its stake in the miner.

China’s second largest nickel producer, Jilin HOROC Nonferrous Metal Group, increased its stake in the junior minerals explorer to 15.1%.

Jilin is listed on the Shanghai Stock Exchange, with a market capitalisation of $2.3 billion.

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