West Palm Beach (HedgeCo.net) – Canadian mining, development and exploration company, Frontera Copper Corporation, has agreed, due to the recent downturn in the copper market, to Mexican hedge fund Invecture’s hostile take over bid.
After determining that the hedge fund, Invecture Group, S.A. de C.V’s, offer was superior to the offer previously received from Southern Copper Corporation, the Company’s financial advisor, RBC Capital Markets, said that from a financial point of view, the hedge fund’s offer is fair to Frontera shareholders.
Frontera’s principal activity is the production of copper cathode from the Piedras Verdes run-of-mine heap-leach copper operation in Sonora, Mexico. Based on the January 1, 2008 ore reserves and the estimated recoverable copper contained on the leach pads at December 31, 2007, approximately 1 billion pounds of copper is projected to be produced over the remaining 17-year life of the operation.
Editor for HedgeCo.Net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!