Germany’s Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
East Africa-focused gold producer Shanta Gold (AIM: SHG) announced on Thursday that the majority of its shareholders voted to approve the final cash offer to be acquired by Saturn Resources.
In December 2023, Shanta said it had agreed to a £141.95 million ($180.7 million) takeover bid by Tanzania-based Saturn.
At the time, Saturn Resources, which is part of ETC Holdings, said the valuation of publicly listed gold companies has de-rated, adding that UK-listed African gold miners were a good example of such trend, as they are now trading over 40% down on a price to net asset value (P/NAV) basis than five years ago.
Shanta owns and operates two gold mines in Tanzania: New Luika, the country’s fourth-largest mine, and Singida. It also has the West Kenya project, believed to be among Africa’s highest-grading gold assets.
Last year, the company was approached by Shandong Gold (HKG: 1787), Chaarat Gold (LON: CGH) and Yintai Gold (SHE: 000975), but negotiations fell through.
