The Chinese gold miner lobbed a conditional, non-binding indicative proposal for Tietto on Sunday.
Zhaojin Mining has called up Standard Chartered and law firm Herbert Smith Freehills as it makes a play for tightly held West African gold miner Tietto Minerals.The Chinese gold miner lobbed a conditional, non-binding indicative proposal for Tietto on Sunday to acquire 100 per cent of its shares for 58¢ per share – or a 38 per cent premium to the last close.behind Chijin International HK Limited, with around 7 per cent of its shares. It started building its stake in Tietto last year.
It’s the largest gold producer in China’s Shandong Province, an area known as the country’s “gold city” thanks to its ample reserves and long mining history. Tietto, which owns the Abujar Gold Project in Côte d’Ivoire , has appointed Barrenjoey and Corrs Chambers Westgarth as its financial and legal advisers. Its shares last traded at 42¢ and has a market capitalisation around $437 million.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.