Zijin sweetens bid for Norton

UPDATE 3.05pm: China’s biggest gold miner has upped its offer to mop up the remainder of Norton Gold Field’s shares, but warned Norton hold-outs this morning that 25¢ a share was its “best and final price”.

Norton was forced to defer a vote on Zijin Mining’s move to take full control of the Kalgoorlie gold miner last week, after failing to win enough shareholder support to back the move.

In January, Zijin offered 20¢ a share for the 18 per cent of Norton’s shares it did not already control, and upped the bid to 23¢ in March.

Following the deferral of the shareholder meeting to consider that bid last week, Zijin this morning offered a further 2¢ a share sweetener on the deal.

A second shareholders meeting to consider the revised offer will be held on June 12.

Norton shares gained 1.5 cents, or 6.52 per cent, to 24.5 cents at the close.