Phosphate company Minemakers Ltd
(ASX:MAK) has acquired a 9.64 per cent stake in its soon to be joint venture partner Union Resources from Union shareholder Lundin Mining.
The all-scrip deal involves the issue of one ordinary Minemakers share for every 80 Union shares held by Lundin.
Minemakers has a current takeover bid for Bonaparte Diamond Mines who along with Union each hold a 42.5 per cent stake in a joint venture for marine phosphate evaluation and development in offshore Namibia.
Union made an unsuccessful takeover bid for Bonaparte in April this year.
Minemakers has posted a loss in 2007 and 2008.
