Zijin Mining Group Company (ZIJMF)

[goldisking3000]

China's Zijin to bid $494 mln for Indophil -report

MELBOURNE, Dec 1 (Reuters) - Zijin Mining Group Co (2899.HK), China's largest listed gold company, is set to make a A$540 million ($494 million) friendly bid for Australian miner Indophil Resources NL (IRN.AX), a newspaper reported on Tuesday.

Zijin is expected to offer A$1.28 a share, an 18 percent premium to Indophil's last trade, and in line with two other unsuccessful bids for Indophil last year, the Australian Financial Review said, citing one unnamed source.

Indophil owns 34.23 percent of the $5.2 billion Tampakan copper and gold project in southern Philippines. The project is controlled by Swiss-based miner Xstrata (XTA.L), which also owns 19.9 percent of Indophil and tried to take it over last year.

Zijin's shares were put on a trading halt on Monday pending an announcement on an acquisition. ($1=1.094 Australian Dollar) (Reporting by Sonali Paul) (([e-mail]; [phone]; Reuters Messaging: [e-mail])) ((If you have a query or comment on this story, send an email to [e-mail]))

http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSYD42582120091130