Mineralogy Wise To Revise

In an effort to secure access to Waratah's Australian coal resources, Iron Ore miner Mineralogy has raised its offer for Canada- and Australia-listed Waratah Coal. The new offer of CAD1.60 (US$1.28) per Waratah share, or CAD103mn (US$83mn), represents a 28% premium on Waratah's November 28 closing price, and if accepted will give Mineralogy access to Waratah's Galilee Basin thermal coal project. Mineralogy had bid CAD1.41 (US$1.13) per share in October but the offer was rejected by the company as inadequate.

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