Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
Tietto Minerals said on Friday a takeover offer by a unit of China’s Zhaojin Mining Industry “materially undervalues” the Australian gold company.
Tietto said it was recommending that shareholders to not accept the A$629 million ($404.57 million) offer by Zhaojin Capital to buy all the shares of the Australian miner that it doesn’t already own.
Tietto said the offer was been “opportunistically timed” by Zhaojin as it came after an improvement in its flagship Abujar gold mine in Ivory Coast.
Under the terms of the offer, Zhaojin Capital, which already owns about 7% of Tietto’s shares, would buy the remaining 93% stake for A$0.58 per share. That represented a 36.5% premium to the stock’s Oct. 29 close.
($1 = 1.5547 Australian dollars)
(By Archishma Iyer; Editing by Chris Reese and Paul Simao)
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