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After an extended hostile takeover bid which was eventually endorsed by Waratah Coal’s directors, Mineralogy Canada Acquisition Corp, a subsidiary of privately held Mineralogy, is now on the path to 100% control after nudging over the 90% compulsory acquisition line.
About 46,168,517 shares were deposited by Waratah shareholders under the takeover offer before the January 5 cut-off.
Waratah Coal is looking to develop a new 25 million tonne per annum coal mine, 500km of rail and a new port, worth $A5.3 billion, in the Galilee Basin in Queensland.
The company, which is listed on both the Australian Securities Exchange and the Toronto Stock Exchange, anticipates the project will be one of the largest thermal coal projects in Australia.
Under its new owners, Waratah Coal’s board has been dissolved with Palmer appointed chairman. Former president and chief executive Peter Lynch will retain his position of director.
