Equinox Minerals moves in on Citadel

Company News

Copper miner Equinox Minerals Ltd (ASX:EQN) says its offer for Citadel Resource Group Ltd (ASX:CGG) will be unconditional if its stake in Citadel exceeds 50 per cent by 16 December.

Equinox is dual listed in both Australian and Canada and in October launched a $1.25 billion friendly takeover bid for Citadel.

Equinox now advises that it holds a 20.5 per cent interest in Citadel and says it is fast-tracking the takeover because it is in the best interests of all shareholders.

Equinox says Citadel’s Saudi Arabian copper-gold project is currently at a critical stage in its development, and an extended offer period may impact the project timetable and costs.

Equinox Minerals booked a $124.33 million profit in the 2010 financial year.

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