19 Nov Australian kaolin project developer Andromeda Metals executes Minotaur Exploration takeover
ASX-listed Andromeda Metals has bolstered its Great White kaolin project in South Australia by executing a recommended off-market takeover of Minotaur Exploration.
According to Andromeda, the transaction will simplify the ownership and management at Great White, as Minotaur owns 25% of the project, along with a 50% stake in Natural Nanotech – the company’s research and commercialisation joint venture.
Minotaur shareholders will receive 1.15 Andromeda shares for every one Minotaur share held and provide Andromeda with 100% ownership of Great White and Natural Nanotech. The JV recently made a technological breakthrough by producing halloysite-based nanocarbon (fullerene) materials from Great White halloysite-kaolin.
Halloysite-kaolin is a specialised industrial mineral with a growing list of applications including in concrete, ceramics, high purity alumina production and nanotechnology. Andromeda’s Great White project is widely regarded as one of the world’s largest known high purity halloysite-kaolin deposits, with over 100 million tonnes in total ore resources.
“We view this acquisition and resultant consolidation of Great White and Natural Nanotech ownership as a logical positive next step in the evolution of the project, unlocking value for all Andromeda and Minotaur shareholders,” said Andromeda managing director James Marsh.
“Great White is an exciting, low-cost project capable of supplying premium grade refined kaolin minerals into growing market demand for high-value bright-white halloysite-kaolin in ceramic/paint sectors and other applications,” he added.