Can there be life after Myanmar for Myanmar Metals when it gets rid of its mine in the benighted country, changes its name and departs?
Management certainly is hoping for a rebirth (and to join the hunt for renewable metals such as copper and nickel), even though the market seems to be sceptical.
On 17 August it revealed the proposed sale of its 51% stake in the Bawdwin silver lead prospect in Myanmar; that it will get $US30 million (or around $A40 million) from the sale, if its shareholders approve the sale at a meeting on September 24.
That’s the lower of two offers – the other is a conditional, non-binding $A55 million offer from Chinese mining giant Yintai Gold
The board though is urging shareholders to accept a lower, but less risky take-over offer.
Executive chairman and chief executive John Lamb said in Wednesday’s statement the company was disappointed what has happened since a military coup earlier this year, saying he believed the company could have used Australian know-how on “a great mineral deposit” to the benefit of everyone.
Instead, the company will now look for another project with base, battery, and precious metals. He has put forward a name change to Mallee Metals.
(ionic clay REE, p'raps?)