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Resolute miner up for grabs

Article Date:  Jun 07 2000

London-listed Australian miner Resolute has been hit by problems with its price-hedging for nickel and the loss of a promising gold prospect in West Africa. It has now become a takeover target.

Shares in Resolute, a once-fancied mining hopeful with interests in gold and nickel, have collapsed from 36p to 5.5p. Headed in London by Richard Lockwood of the Invesco financial group, the company is understood to have been wrong-footed in its hedge book by the movement of the nickel price and had the embarrassment of losing an attractive gold prospect in West Africa to a British company, Coronation International.

Close observers believe its fundamentals are good enough to have attracted potential bidders already. Speculation surrounds the interest of AGR, another small company in the sector.

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