Peru-focused Australian miner Titan Minerals has secured 90 per cent shareholding approval for its acquisition of Andina Resources, securing finality for a takeover bid first announced in March. The company’s earn-in stood at 70 per cent at the time of the announcement.
Titan spent just over a quarter of its share capital on the deal, equivalent to almost 562 million new Titan shares.
The deal was aimed to reconsolidate the Torricellas gold project in Peru, giving Titan access to the Tulin and Vista gold plants, where it can use pre-existing mill facilities to save $US4 million ($5.2 million) and avoid three to four years of approvals for new mills.
Torrecillas, which is located around 640km south of Lima, is one of two major gold projects the company is involved with, the other being the San Santiago gold-copper project northwest of Torrecillas.
Non-executive director of Titan Nicholas Rowley said, “Consolidation of the ownership of the Torrecillas gold project will ensure that any future discoveries can be owned by Titan exclusively, with minimal additional capital expenditure by utilising existing heavy, equipment, personnel and senior management.”
The takeover will grant Titan Minerals with 90.86 per cent of voting power in Andina.