17 Jul 2013 10:50

Norilsk Nickel to get 7% of Minotaur Exploration following Breakaway takeover

MOSCOW. July 17 (Interfax) - Russia's MMC Norilsk Nickel will get a 7.1% stake in Australia's Minotaur Exploration Limited following its proposed takeover of Breakaway Resources Limited.

Minotaur said in a press release that Breakaway's shareholders would own 28.7% of the enlarged company.

Breakaway's biggest shareholder is Norilsk Nickel Australia Pty Ltd, with 24.8% and which has already approved the takeover.

Other major shareholders in the future Minotaur Group, with a market cap of $20 million, will include Oz Minerals (5.3%), Newmont Capital (3.5%) and Golden Fields Resources (2.8%).

The takeover is intended to accelerate the development of copper and gold fields in the Cloncurry district of North Queensland and Leister district of WA.