A mining group through which the financier Nick Sweet is the most important shareholder is poised to swoop on a London-listed gold explorer to create an enlarged group value greater than £150m.
Mining trade sources stated a deal could possibly be introduced as quickly as this week at a considerable premium to Condor Gold’s present valuation.
If confirmed, it might be an additional step in direction of the continued consolidation play going down among the many world’s gold miners, together with smaller listed firms.
Metals Exploration, which is about 35%-owned by Mr Sweet, the outstanding property entrepreneur, is concentrated on gold belongings within the Philippines, and is the proprietor of the Runruno challenge within the north of the nation.
One supply near the talks with Condor Gold stated that Metals Exploration had secured irrevocable undertakings from quite a few Condor Gold traders in current days to vote in favour of the proposed deal.
Condor Gold is backed by Jim Mellon, a well known London inventory market investor.
Mr Mellon has additionally been the corporate’s chairman for the previous two years.
Metals Exploration, shares of which have greater than doubled prior to now 12 months, has a market capitalisation of slightly below £100m.
Shares in Condor Gold have risen by two-thirds over the identical interval, giving it a valuation of about £47m.
Metals Exploration declined to touch upon Sunday, whereas Condor Gold has been contacted for remark.
