Focus Minerals Ltd. determined that China Hanking Holdings Ltd.'s nonbinding indicative offer to acquire the Coolgardie gold project in Western Australia is not a superior proposal against Horizon Minerals Ltd.'s bid.
China Hanking put forward a cash offer of between A$56 million and A$65 million, against an opposing A$55 million bid by Horizon, which was increased from the original A$40 million offered February.
In a Sept. 25 statement, the Australia-listed gold explorer said the Horizon bid is substantially more advanced, with due diligence proceedings being completed, and it has greater certainty of being executed.
In the absence of a superior proposal, Focus will continue to engage with Horizon over the improved proposal to sell the Coolgardie project.
The Coolgardie operation covers about 235 square kilometers of mining and exploration tenements and a gold processing plant with an annual processing capacity of 1.2 million tonnes of ore.
