Reuters reported that bid target Beacon Hill Resources a potential offer was withdrawn after for the coking coal producer confirmed it undervalued the group and its assets.
Beacon Hill said it continued to make good progress with the development of Minas Moatize a producing coal mine in the Tete Province of Northern Mozambique.
The company said in a statement that "Whilst equity markets have been volatile, coal prices have remained very strong and demand for security of supply of coking coal is at an all-time high."
On August 26, Beacon Hill snubbed an early stage takeover proposal of 142 million pound from a third party saying it undervalued the company.
Beacon has two primary assets the Minas Moatize coal mine in Tete, Mozambique and Tasmania Magnesite NL in Tasmania, Australia.
(Sourced from Reuters)
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