Thursday, May 08, 2008

Zinifex Says China's Jinchuan Accepts Allegiance Mining Bid

Zinifex Ltd., the Australian zinc producer seeking to buy Allegiance Mining NL for A$852 million ($797 million), said China's Jinchuan Group Ltd. accepted its offer, allowing it to complete the acquisition.

Jinchuan will sell its 10.4 percent stake in the company, giving Zinifex control of more than 90 percent of Allegiance and allowing it to move to compulsory acquisition, Melbourne-based Zinifex said today in a statement to the Australian stock exchange.

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