Iluka confirms talks with Irish miner
UPDATE 2.35pm: Iluka Resources has confirmed UK media speculation that is has made an approach to Dublin-based, Mozambique-focused mineral sands miner Kenmare Resources.
The WA-based miner confirmed takeover discussions with the Irish miner but said no formal offer had been made.
"There is no certainty that any transaction will be progressed or, in particular, that an offer will be made, or as to the terms on which an offer may be made if forthcoming," Iluka said in a statement.
"Iluka's assessment of a potential transaction involving Kenmare is consistent with Iluka's strategy of assessing various mineral sands opportunities, and exploring transactions where financial merit and strategic rationale may exist."
Kenmare is listed on the London Stock Exchange and is capitalised at about $603 million versus Iluka's $3.4 billion.
The company's main asset is the Moma titanium minerals mine on the north east coast of Mozambique.
Iluka shares closed up 15 cents, or 1.81 per cent, at $8.45.
