Australia's Tietto Minerals rises after rejecting Zhaojin's takeover offer

Zhaojin Mining Industry Co

03/11/2023 02:47

** Shares of West Africa-focused Tietto Minerals  TIE.AX  
rise as much as 7.96% to A$0.6100, their highest since May 4
    ** Gold explorer rejects takeover offer from Zhaojin
Capital, a unit of China's Zhaojin Mining Industry Co  1818.HK  
    ** Says offer consideration of A$0.58 per share materially
undervalues co
    ** Says Abjuar Gold Project, Ivory Coast monthly gold
production at 12,057 oz, highest for the project so far
    ** About 9.1 mln shares change hands by 0214 GMT, about 1.8
times the 30-day average 
    ** Stock down ~20% this year, as of last close

($1 = 1.5545 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))