PLY today requested trading halt regarding potential corporate merger. Halt remains in place until Monday the 8th.
This from their half yearly report. Strategy
Polymetals listed on ASX in May 2011 and maintains its original goal to maximise value for its shareholders through effective exploration, rapid development and efficient operation of mining assets and targeting considered acquisitions where they can add value.
The Company retains, and plays to, its strengths:
• strong brownfields exploration capability;
• innovative metallurgical and mining solutions;
• rapid and low capital project development; and
• high capital efficiency and effective production management.
The current focus of the Company is to prove up quality gold resources and undertake asset acquisitions in order to facilitate the development of both existing and new mining projects. The Company’s current activity areas – Turner River, Canbelego and Drew Hill – are characterised by defined resources and significant growth potential. In addition, the Canbelego and Drew Hill areas have production history.
Turner River acquisition
In September 2012, Polymetals finalised the acquisition of Lansdowne Resources Pty Ltd. This gives
the Company access to significant gold and base metals resources through a farm-in agreement with Polymetals Mining Limited
DeGrey Mining Limited (ASX: DEG) for the Company to acquire a 75% interest in the Turner River Gold and Base Metals Joint Ventures.
Since completing the acquisition Polymetals has conducted an exploration program at Turner River and at 31 December 2012, Polymetals had met approximately $1,600,000 of the $2,000,000 Gold project farm-in obligation, with an objective to complete the earn-in commitment in the June quarter 2013. In respect of the Base Metals project, Polymetals continues to meet the earn-in commitments.
Worth watching to see what the announcement is. The capital structure alone combined with the potential of the announcement escalates my interest significantly.
On August 23rd, 2013, Polymetals Mining Limited (PLY) was removed from ASX's official list following acquisition pursuant to a scheme implementation agreement between the Company and Southern Cross Goldfields Limited.