Anvil Mining Ltd. has come out with a formal statement to dispel the rumour that it has entered into exclusive takeover talks with any other party.
The statement was released after The Australian Financial Review wrote a story claiming Anvil has opened a data room and that a Chinese company has entered into it. To counter, Anvil said it is “unaware of any undisclosed material developments in respect of its business and affairs.”
However, the company is in the middle of a strategic review. In early August, Anvil announced that it had the support of its major shareholder, Trafigura Beheer B.V. and its board, “to review and consider the value maximizing alternatives available to the corporation.” That’s often the code phrase for being put up for sale. BMO Nesbitt Burns is leading this review.
That decision caught some people off guard. At the time, some people were surprised that Anvil would conduct a strategic review announcement after only recently appointing a new chief executive officer (after searching for a while to find one), and after getting so deep into its Kinsevere project.
Anvil is a TSX-and-ASX-listed copper producer that operates in the Democratic Republic of Congo.