Lure of Anglo’s copper mines could test BHP’s spending resolve
BHP needs to offer at least a 40% premium over Anglo's share price for a new takeover bid, but its CEO has committed to spending discipline.
Vancouver’s Mesa Exploration said on Tuesday that Utah state officials granted the company a 640-acre potash lease, sending its stock up 6.5% by the close of trade.
Mesa announced the lease will be incorporated into its Whipsaw potash project in Grand County that now totals 18,608 acres or 29 square miles and where thick potash beds have been intersected in gas wells at depths between 3,300 and 4,200 feet.
Mesa said it is developing and exploring a portfolio of mineral properties in the United States where it controls significant land holdings. All projects are within proven mining districts with excellent access and infrastructure.
Mesa currently has 14 million shares issued and outstanding, and no debt. Mesa’s stock price has almost halved this year, but its closing price on Tuesday of 49.5c is well above a 52-week low of 20c. The stock is hardly traded and the market capitlization is a mere $6.4 million. It listed at the beginning of 2006.
Click here for a 43-101 report describing Whipsaw.
Image is of Utah’s Great Salt Lake.
