Dalradian in 'possible offer' on Dublin-based mining company with Curraghinalt royalties

Dalradian miner at work
Dalradian miner at work

Dalradian Resources has today (Wednesday) confirmed reports it has made a possible offer to buy Minco, which holds a two per cent smelter royalty on Tyrone's Curraghinalt gold deposit.

In a press release on its website, Dalradian Resources confirmed Minco's admission on Tuesday that it was in talks over a potential takeover.

Minco said the deal would be made in the form of around 15.5 million shares, valued at around $20million (Canadian).

Shares in Minco have jumped 86 per cent in anticipation of a deal.

The offer, which is being made under Rule 2.4 of the Irish Takeover Panel Act, Takeover Rules 2013, would transfer control of Minco's 2% stake in Curraghinalt to Dalradian, which is currently working on the Sperrin's site.

At this stage there is no certainty an offer will be made by Dalradian or accepted by Minco - as the announcement is considered a "forward looking statement".

Minco, which has offices in Dublin, Navan, London and Toronto has projects underway in Buchans, Newfoundland, Canada - which could be demerged as part of the deal - as well as the UK's North Pennines; Moate, Westmeath; Tatestown, Navan; Curraghinalt; New Brunswick, Canada and zinc and silver projects in Mexico.