A day after the board of directors of Orbis Gold (ASX: OBS) rejected an unsolicited all-cash takeover offer made on the Thanksgiving holiday weekend from Montreal-based Semafo (TSX: SMF), the Australian mining company released an updated scoping study for its Natougou gold project in eastern Burkina Faso.
Both companies have assets in the West African nation: Semafo owns and operates the open pit Mana mine, which includes the high grade Siou and Fofina satellite deposits, about 200 km west of the capital, Ouagadougou, while Orbis’ open pit Natougou project is roughly 320 km east of Ouagadougou.
Orbis says Semafo’s all-cash bid of between A$0.62 and A$0.65 per share in a deal valued at A$155 million to A$162 million, significantly undervalues the company and that Semafo was well aware that it was on the brink of releasing the updated scoping study.
Read the complete article at NorthernMiner.com/news/orbis-gold
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