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International Molybdenum in bid talks

Article Date:  Mar 08 2007

Greenland-focused International Molybdenum has received a potential approach ahead of a report on its 560 million lb Malmbjerg project.

AIM-quoted International, in which Galahad Gold holds a controlling stake, says it is in ‘preliminary discussions’ that may or may not lead to an offer for the company. Matrix Corporate Capital, which advised the company on its 30p float in 2005, is advising International Molybdenum, whose chairman, Canadian stockbroker Ian Watson, is also head of Galahad.

The company has attracted its reported unnamed suitor on the eve of receiving a pre-feasibility report on Malmbjerg, which fans claim could supply four per cent of world molybdenum demand. The shares, which had plunged since flotation, have rallied 3.63p to 10.75p today and could revive further if the talks lead to an attractive offer.

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