Zhaojin Mining Industry said on Monday it is increasing its offer for the shares it does not already own in Australian gold explorer Tietto Minerals to up to about A$733 million ($474 million).

Zhaojin in October 2023 had bid for the Australian gold explorer for about A$629 million.

The Chinese gold miner said it is increasing its offer for the Australian gold explorer to A$0.68 apiece from A$0.58 per share.

The A$0.68 per share offer represents a 60% premium to Tietto’s last closing price on October 27, 2023, before the intial offer was tabled.

The offer by Zhaojin, which already owns a 7.02% stake in Tietto, values the latter at A$768.3 million.

The company also confirmed that its unit, Zhaojin Capital, has received all of the Chinese regulatory approvals related to the deal, including approvals from the NDRC, among other regulatory bodies.

Tietto said in January that the earlier offer by Zhaojin continued to materially undervalue the gold explorer.

($1 = 1.5458 Australian dollars)


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