Ridge Mining confirmed yesterday (12th February) that it is currently engaged in talks relating to a possible buyout by South African company Aquarius Platinum.

The British pgm producer saw its shares soar by nearly 62 per cent as the possibility of a takeover - which was hinted at last week by Aquarius - moved a step closer.

Aquarius Chief Executive Stuart Murray had explained that the firms were valuing themselves based on their net asset value, mainly due to the current depressed pgm and share prices.

However, Ridge, despite admitting that talks are taking place, sounded a note of caution by emphasising that they may or may not lead to an offer for its share capital.

The company released a statement which read: "There is no certainty as to the terms and structure of any such transaction nor that an agreement will be reached between the company and Aquarius."

The move would be particularly attractive for Aquarius as it is one of a number of platinum juniors currently struggling in South Africa and is looking to refinance $167 million worth of debts.

Aquarius is the fourth-biggest miner in South Africa.

Source:

Aquarius platinum in talks to take over Ridge Mining (12/02/09)
http://www.mineweb.net/mineweb/view/mineweb/en/page35?oid=78349&sn=Detail