Iron ore exploration company Brockman Resources Ltd
(ASX:BRM) has called on its shareholders to reject a bid for the company from Hong Kong-listed Wah Nam International which values Brockman at around $930 million.
The company’s chairman Barry Cusack says despite the merits of the bid, Wah Nam lacks mining development and operational expertise.
Mr Cusack added that Wah Nam also showed uncertainty in proposed actions to complete the company’s mine and infrastructure projects.
For the year ended 30 June 2010, Brockman posted a net loss of $24.2 million.
