CUO copperco limited

announcment from mxx

  1. 3,267 Posts.
    I would have thought cuo would have been included in today's announcement as half the content of the mxx address is about cuo and the merger......so have pasted it here.....

    "MINERAL SECURITIES LIMITED
    (“Minsec” or “the Company”)
    RNS / ASX ANNOUNCEMENT
    19 FEBRUARY 2008
    ANNUAL GENERAL MEETING
    CHAIRMAN’S ADDRESS
    At today’s Annual General Meeting of the Company, the Chairman, Robert Champion de Crespigny AC, gave the following address:
    “The last 12 months have been, by any measure, an eventful period for Minsec and its predecessor companies. We have completed a merger and adopted a new corporate strategy, based on increased focus on our core assets and the objective of owning and controlling cash-producing assets. We see the proposed merger with CopperCo as a further step in that direction.
    CopperCo Limited (“CopperCo”) is an Australian publicly listed company which, since being formed in 2004 by two of Minsec’s predecessor companies (old Minsec and Buka Minerals Limited), has quickly brought the Lady Annie mine into production under the direction of its Managing Director, Brian Rear and its Chairman, our CEO, Keith Liddell. Lady Annie is adjacent to our 25% owned project at Lady Loretta.
    We see the skills of the two companies’ boards and management teams and the two companies’ asset portfolios as being highly complementary and offering potential for adding further value to both sets of shareholders. Obviously, there can be no guarantee that CopperCo shareholders will approve the transaction or indeed that, despite your board’s unanimous intention to accept this offer, we will achieve the necessary 80% acceptances to allow the merger to proceed.
    We believe that a merger with CopperCo, as well as meeting a number of specific objectives, is helpful for both companies in an industry context, where greater scale, financial depth and a broader skills base are necessary to compete in an industry which is going through a continuous process of consolidation. I shall keep you informed of the progress of our discussions with CopperCo.
    We continue to work on developing our own assets, concurrently with the CopperCo transaction, which is unlikely to complete before mid-May. To this end I have recently been in discussions with potential Greek partners for our Sappes gold project and we continue the process of working out with Xstrata, our partner in Lady Loretta, how best to bring that zinc project into production. Since the year-end we have also purchased over 4.3 million shares in Platmin (although market volatility meant that we considered the terms offered to fund the intended acquisition of a further 7.1 million shares were uneconomic). Tianshan Goldfields recently updated its Resource to show some 2 million ounces of gold in the measured and indicated categories, while Buka Gold continues to explore its exciting new discovery at Mt Scotchy, which holds gold, silver and base metals in a type of mineralisation not previously found in Queensland. At Qixia, 80% of the tenements have been transferred to the Joint Venture and initial sampling results are encouraging, while Herencia Resources has incorporated its own Joint Venture, in which it holds 70%, for the Paguanta project where a 10,000m drilling programme will commence shortly. We have also commenced the process of disposing of our non-core assets and will continue this as and when market conditions allow.
    PAGE 2 OF 2
    Minsec has a sound balance sheet, and a portfolio of interests which not only gives us flexibility to grow but also to add significant value over the coming years, despite the current highly volatile commodity and capital markets. We also now have in place the beginnings of what we believe is a special team of people, who will add value to your investment in Minsec in the years ahead.
    I also take this opportunity to welcome David Hillier, who has just joined us as Chief Financial Officer. David has been Executive Chairman of our 58% owned subsidiary, Buka Gold Limited, since October 2005 and prior to that worked with me as a Group Executive at Normandy Mining. He has a wealth of experience and we look forward to him playing a much more significant role in the Group going forward.
    I look forward to reporting to you on our progress.”
    This address was followed by a presentation on the proposed merger with CopperCo, copies of the slides for which, are available on the ASX and company websites (www.asx.com.au or www.mineralsecurities.com)."
 
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