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Aguia Resources (ASX:AGR) proposes takeover bid for Andean Mining

Aguia Resources proposes takeover bid for Andean Mining


Aguia Resources Limited (ASX:AGR) has announced the signing of a Bid Implementation Agreement with Andean Mining Limited, proposing to acquire all or not less than 90% of the shares in Andean through an off-market takeover offer. The proposed offer involves approximately 453 million Aguia shares in consideration for 100% of the issued shares in Andean. The acquisition is recommended by an Independent Board Committee of Andean and is subject to certain conditions. If successful, Andean's Managing Director, William Howe, will join the Board of Aguia. Aguia will continue to focus on the development of its phosphate and copper assets in Brazil, with a near-term focus on assessing rare earths mineralization in its phosphate assets.

Executive Commentary on Proposed Takeover Bid


The proposed takeover bid for Andean Mining aligns with Aguia Resources' strategic focus on expanding its asset portfolio and exploring new mineralization opportunities. This move is a significant step towards enhancing our presence in the mining sector and leveraging the potential synergies between the two companies. We are committed to ensuring a smooth transition and maximizing the value for our shareholders through this proposed acquisition.

Summary of Proposed Takeover Bid and Outlook


Aguia Resources Limited (ASX:AGR) has outlined a proposed takeover bid for Andean Mining Limited, aiming to acquire a significant portion of Andean's shares through an off-market takeover offer. The agreement, subject to certain conditions, reflects Aguia's strategic intent to expand its presence in the mining sector and explore new mineralization opportunities. If successful, the acquisition will enable Aguia to integrate Andean's high-grade gold, silver, and copper projects in Colombia into its existing portfolio, further diversifying its asset base. Aguia remains focused on the development of its phosphate and copper assets in Brazil, with a near-term emphasis on assessing rare earths mineralization. The proposed bid signifies Aguia's commitment to pursuing growth opportunities and creating value for its stakeholders in line with its corporate strategy.

Sourcehttps://announcements.asx.com.au/asxpdf/20231222/pdf/05yvwh1mzkkrtv.pdf

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