A foreign company is looking to take over a small Northern Territory-based resources company, which owns one of the nation's biggest deposits of phosphate.
Verdant Minerals says the Ammaroo Phosphate Project could represent the first step in developing a long-term fertiliser production industry in Central Australia."With our share price and market capitalisation as it was and is now, the ability to raise that capital is quite constrained, so that's the advantage that the takeover gives to a project perspective."A number of shareholders and people close to the Ammaroo project have told ABC Rural the takeover bid made little sense.
"Then we may have to import [phosphate] from Algeria, with all the political uncertainty that involves. "$40 million is nowhere near enough for a company holding the rights to a billion-tonne phosphate resource at Ammaroo." "Unfortunately with takeover offers like this, if the majority of the shares are all for the takeover, the little guy has to go with the flow," he said.
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