Melbourne (ANTARA News/Asia Pulse) - Indonesia's PT Bumi Resources Tbk (JSX:BUMI) has launched a A$455 million (US$400.35 million) takeover bid for zinc hopeful Herald Resources Ltd (ASX:HER).
The Indonesian coal miner is offering A$2.25 cash for every Herald share. Herald's key asset is the Dairi zinc-lead project in Indonesia's north Sumatra.
The company has completed feasibility studies on the US$220 million ($A252.98 million) project and has been waiting for environmental approvals to proceed to full development.
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