Metals X has acquired a 19.9% stake in fellow miner Jabiru Metals.
The acquisition followed a sale of 24.7% of Jabiru’s shares by Ukrainian billionaire Gennadiy Bogolyubov which saw takeover speculation in the market, pushing the copper zinc miner’s share price up 17%.
Metals X announced that it had paid approximately 34 cents per share, totaling 37.7 million for the 19.9% stake.
Metals X acquired only 19.9% as a 20% stake would require the miner to carry out a full takeover offer.
Bogolyubov is understood to have sold the remainder of his stake on the open market.
Jabiru saw the sale as positive, stating that it ended uncertainty for the large stake.
Bogolyubov aquired the stake in Jabiru after his billion dollar takeover of Consolidated Minerals in 2007.
Jabiru’s major propject is the Jaguar mine, located north of Leonora in Western Australia.