CopperCo and Mineral Securities join forces

The directors of CopperCo Limited and resource investment house Mineral Securities Limited announces an agreement to merge the two companies to create a diversified base and precious metals including copper, zinc, lead, platinum and gold.

The merger, which will take place by way of a recommended takeover offer by CopperCo for all of the shares in MinSec values the equity of the combined group on a pro -forma basis at approximately $A530 million.

New CopperCo core assets will be located in Australia, Africa and Asis and will compromise the following commodities copper, zinc, lead, platinum and gold.

Under the offer, MinSec shareholders will receive 2.2 CopperCo shares for each ordinary MinSec share. The implied vaue of the offer os A$1.43 per MinSec share. This represents a premium of 2.1% to the closing price of MinSec share on ASX of A$1.40 on 25 January 2008. MinSec option holders will also be offered CopperCo shares as consideration for the acquisition or cancellation of their options.

The offer is subject to approval by CopperCo shareholders of certain aspects of the transaction at a meeting expected to be held in late March 2008, an 80% minimum acceptance condition and various other conditions.