Australia's Sandfire Resources is to acquire Botswana, Africa-focused copper development and exploration company MOD Resources in a deal worth A$167 million ($116.38 million).
The offer has been made on a share-to-share basis, with 0.0664 Sandfire shares to be offered for each MOD share held, the companies said a joint announcement through the Australian Stock Exchange on Tuesday June 25.MOD shareholders can elect to receive A$0.45 per share, although cash consideration may only make up a maximum of 25% MOD's value.Sandfire's acquisition follows a trend of mining companies buying up junior copper exploration companies at a time when prime potential assets for the metal are becoming limited ahead of a...