Bidding war over Rocklands

QUEENSLAND coal explorer and Chinese coke producer Rocklands Richfield has received an unsolicited conditional takeover offer from Chinese metallurgical coal producer Meijin Energy Group at 52c per share, which trumps Jindal Steel & Power’s 50c offer.
Bidding war over Rocklands Bidding war over Rocklands Bidding war over Rocklands Bidding war over Rocklands Bidding war over Rocklands

A Rocklands project being drilled.

Blair Price

The Indian steel and power company has now been invited by Rocklands to match or better Meijin’s proposal.

More than a fortnight ago Indian group Essar pulled out of a non-binding and conditional offer to buy Rocklands at 50c per share.

Rocklands has three coal projects in the Bowen Basin and has funded exploration through the earnings of China Coke and Chemicals, which it acquired via a reverse takeover in 2007. China Coke has a 480,000 tonnes per annum coking plant in eastern China.

Rocklands’ Hillalong project 100km west of Mackay has JORC-compliant coal resources of 61.3 million tonnes, while its namesake project 40km south of Blackwater has resources of 880Mt.

Shares in Rocklands are up 3.7% to 42.5c this morning.

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