KDR - Kidman Resources

System said:

Kidman Resources Limited (KDR) has assembled a portfolio of tenements which, subject to confirmation of initial results, are considered to have strong potential for Copper, Gold and Rare Earth Elements.

The Company's strategy will focus on the acquisition and exploration of a portfolio of tenements that have strong indications of prospectivity, with major untested anomalies, but which are relatively under–explored. The Company's primary focus to date has been on major structures within the well known Copper/Gold mineralisation belts in Central New South Wales. This region is host to a number of major successful mining operations, including Mineral Hill, Northparkes, Tottenham and the Peak Mine.

The recent global financial crisis presented the Company with an opportunity to add attractive tenements to its portfolio in New South Wales as well as the Arthur Popes Copper/Rare Earth exploration prospect at Hale River in the Northern Territory.

http://www.kidmanresources.com.au

Click to expand...

2May2019
Proposal to acquire Kidman Resources

Wesfarmers (ASX:WES) today announced that it has entered into a Process and Exclusivity Deed with Kidman Resources (ASX:KDR, Kidman) in relation to its proposal to acquire 100 per cent of the outstanding shares in Kidman for $1.90 cash per share (the Proposal) by way of a scheme of arrangement (Proposed Scheme). The price represents a premium of 47.3 per cent to the last closing price on 1 May 2019 and 44.4 per cent to the 60-day volume weighted average price and corresponds to a transaction value of approximately $776 million.

Kidman's major asset is a 50 per cent interest in the Mt Holland lithium project based in Western Australia, which it owns jointly with Sociedad Quimica y Minera de Chile S.A. (SQM), one of the world's largest producers and marketers of lithium products. The project includes the construction of a mine and co-located concentrator at Mt Holland, and alithium hydroxide refinery in Kwinana. Lithium hydroxide is key to the electric vehicle value chain.

Kidman Board, major shareholders and joint venture partner support

The Kidman Board has stated that it supports the Proposal. Upon executing transaction documentation on commercial terms consistent with the Proposal, the Kidman Board intends to recommend that shareholders vote in favour of the Proposed Scheme (subject to there being no superior proposal and the independent expert concluding that the scheme is in the best interests of Kidman shareholders)

Click to expand...