Metal Tiger, natural resource investor with assets in Botswana, announced on Monday it has rejected an offer from BMR Group issued last week to buy its shares. The firm said the bid, which states that Metal Tiger’s shareholders will receive for each of the shares they sell 0.231 share of BMR, “fundamentally undervalues” the investor.    

BMR said it would examine answer and give a formal response in due course. Metal Tiger for its part plans to start negotiations for a better bid, after getting the results of the scoping study of its Botswanan assets.

The firm is currently undertaking, in partnership with its partner MOD Resources, a scoping study at the T3 copper project (in which it has a 30% stake), in the Kalahari copper belt. The maiden mineral resource was estimated at 28.36 million tonnes, grading 350,200 tonnes of copper and 14.27 million ounces of silver (at 0.5% Cu cut-off grade).  

Louis-Nino Kansoun