Friday, October 3, 2008

Very short article on the Atacocha majority ownership sale situation

I don't have a subscription to the "www.corporatefinancingweek.com" site, therefore I do not have access to the full article. Nevertheless, it looks like potential new majority ownership of Atacocha is still progressing forward (again, new majority ownership of Atacocha MAY eventually increase Century's chances of a more reasonable out of court settlement on the Poderosa legal case).

"Atacocha Sale Progresses"

"Peruvian miner, Atacocha, which said in August that a block of its shareholders were looking to sell a majority stake in the company, announced on October 3 that it would allow PAF Securities to conduct due diligence. Shares in the zinc and lead producer have climbed more than 40% since August on the back of speculation that a foreign mining company may be interested."

1 comment:

Carib said...

Production, there wasn't much more in the full article.

Peruvian miner, Atacocha, which said in August that a block of its shareholders were looking to sell a majority stake in the company, announced on October 3 that it would allow PAF Securities to conduct due diligence. Shares in the zinc and lead producer have climbed more than 40% since August on the back of speculation that a foreign mining company may be interested. One possibility would be Brazil's Votarantim. Although it has not expressed interest in Atacocha, it already raised its stake in another Peruvian zinc producer, Milpo, earlier this year. In fact, Votarantim, which is the leading producer of zinc in Latin America and the fifth-largest in the world, made an unsuccessful attempt to acquire control of Milpo, before raising its stake by 5%, making it the company's largest shareholder with a 29.88% holding.