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ARTICLE · 24 DECEMBER 2013

Mining Sector Update: December 2013 edition

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

Corrs Chambers Westgarth

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Deals and other news items of interest to the mining sector.

AustraliaEnergy and Natural Resources

CORRS ADVISED:

  • Inova Resources in relation to Shanxi Donghui Coal Coking & Chemicals Group's takeover offer

Recent announcements

Following ASX-listed coal explorer Carabella Resources' request for a trading halt of its ordinary shares on 4 December 2013 due to the receipt of an incomplete, indicative confidential and non-binding proposal for a change in control transaction, on 5 December 2013, Wealth Mining announced an off-market, all-cash offer to acquire 100% of the ordinary shares in Carabella. Wealth Mining is a wholly owned subsidiary of one of China's largest privately held mining and energy companies China Kingho Energy Group, which is looking to develop an Australian headquarters for its global resources and development business outside of China. Wealth Mining currently holds 11.06% of Carabella's ordinary shares and is proposing to acquire all the remaining ordinary shares in Carabella at a price of A$0.42 per share. Approval from China's

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