MXX Mineral Sec

RNS Number:3168S
Mineral Securities Limited
15 April 2008

                             ASX / RNS ANNOUNCEMENT



                                 15 April 2008



             Mineral Securities notes Independent Expert valuation



Keith Liddell, Chief Executive Officer and Managing Director of Minerals
Securities Limited ("MinSec" or "the Company"), today welcomed the release of an
Independent Expert's report which assigned a 'preferred value' of A$496.4
million (approximately �234 million) to the Company.

The report by KPMG was commissioned by CopperCo Limited ("CopperCo") following
the agreement between CopperCo and MinSec to merge the two companies through a
proposed recommended takeover offer to MinSec shareholders ("the Offer"), and
published today as part of the information contained in the notice of a CopperCo
shareholders' meeting on 16 May 2008 at which CopperCo shareholders will vote on
resolutions pertaining to the Offer.  Should CopperCo shareholders pass the
required resolutions, Minsec shareholders will receive the Offer documentation
thereafter.

The proposed merger will create a diversified global resources company with
interests in base and precious metals, including copper, zinc, lead, platinum
and gold.

The Independent Expert's report issued by CopperCo valued MinSec at between
A$386.4 million and A$592.8 million, with a 'preferred value' of A$496.4 million
(approximately �182 million, �280 million and �234 million).

KPMG said its valuation equated to an assessed value per fully diluted MinSec
share of between A$2.05 and A$3.01 per share, with a 'preferred value' of A$2.57
per share (approximately �0.95, �1.42 and �1.21).

Mr Liddell said "This report highlights the value inherent in MinSec's
diversified portfolio of investment holdings and resource project interests,
including 25% of the Lady Loretta zinc project in north-west Queensland and 100%
of the Sappes gold project in Greece".

"We also note that the valuation does not include any strategic or operational
benefits from the proposed CopperCo merger."

CopperCo also announced that it has received a notification from the Australian
Foreign Investment Review Board that there are no objections to the proposed
merger in terms of the Australian Government's foreign investment policy.  This
notification satisfies one of the conditions to the Offer.

Copies of CopperCo's announcement and Notice of Meeting are available on both
the ASX and CopperCo websites (www.asx.com.au & www.copperco.com.au).   For
additional information please contact:

Keith Liddell, Chief Executive Officer

Tel: +44 20 7478 5100 (London) +61 8 9221 7466 (Perth)

Email: enquiries@mineralsecurities.com

Nominated Adviser: RBC Capital Markets

Martin Eales     Tel: +44 20 7029 7881






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCDZLFFVZBXBBK

Mineral Sec (LSE:MXX)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Mineral Sec (LSE:MXX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024