I posted this in January of this year. It's worth a re-read before you read some news that came out today.
https://agoracom.com/ir/Noront/forums/discussion/topics/723685-1500-2800-hectares-of-coal-mining-vs-noront-s-36-hectares/messages/2224078
some deep pockets are invested in this coking coal mining company called Riversdale Resources in Alberta.
Like Resource Capital funds with a 48% stake...and there was an offer of 591 million for this company....based on an open pit coking coal mine? And you can see below some billionaire names that invested in Dec of last year.. not at all worried about environmentalists or First Nation protest for this OPEN pit coking coal mine in Alberta??. (Still can't get over all the pretty trees where this mine would be.)
https://www.afr.com/street-talk/another-wa-billionaire-pops-up-at-riversdale-resources-20181213-h1921d
so what happened to this 591 million dollar offer?
Please see link below that came out today.
https://www.australasianlawyer.com.au/news/ashurst-helps-respond-to-650m-unsolicited-takeover-bid-261912.aspx
AT the end of February the offer was increased:
Hancock Corporation announced a $650m off-market bid for Riversdale on 27 February. Riversdale shareholders have been offered $2.20 per share, increasing to $2.50 per share if Hancock’s interest in the target exceeds 50%
News today stated..the recommendation is rejection of the offer. And notice the words from RCF?
Independent directors of Riversdale have recommended that the offer be rejected. Resource Capital Funds, which has a 48% stake in Riversdale, and Regal Funds Management, which has a 1% interest in the company, have said that they intend to hold on to their stakes.
Perhaps having RCF being the largest investor in Noront...won't be such a bad thing in the end. For them to reject this deal they seem to see "brighter" pastures ahead for projects and approvals.
The reversal by the Natives in Alberta to reject Bill C69 seems to be a good start.
And Teck Resources is Canada's giant in mining steel making coal.
4 locations in BC and one location in central west Alberta(Cardinal River mine).
I wonder how Teck feels about Riversdale Resources in Alberta...not too far from Teck's Cardinal River Mine in Alberta?
