China’s Zijin Mining has received Foreign Investment Review Board approval for its $545 million takeover of Indophil Resources NL
(ASX:IRN).
Zijin says its offer of $1.28 a share will now formally open on January 18.
Indophil Resources holds a 34.2% stake in the Tampakan copper and gold project in the Phillipines.
Indophil’s largest shareholder Xstrata, who operates the project, has agreed to sell its 19.9% stake in Indophil to Zijin.
Indophil Resources directors are unanimously recommending that shareholders accept the offer in the absence of a superior proposal.
Indophil Resources posted a loss for calendar 2008.
