On May 5, Xingye Yinxin (000426.SZ) announced that it has signed an Off-Market Takeover Bid Implementation Agreement on April 30 with Atlantic Tin Limited, an unlisted Australian public company. Through its wholly owned subsidiary Xingye Gold, the company plans to acquire 100% of Atlantic Tin’s issued shares via a conditional off-market takeover.
The acquisition will be funded using internal resources or self-raised funds. At a price of AUD 0.24 per share, the total value of all issued shares is approximately AUD 96 million, and AUD 98 million (RMB 454 million) including full exercise of options.
🔹 Target Asset – Achmmach Tin Project
Atlantic Tin owns four mining projects, with the Achmmach Tin Project in Morocco being the flagship asset under its subsidiary Atlas Tin SAS. The project has completed major exploration and is supported by a JORC-compliant report prepared by Australian consultancy firms.
Key resource metrics (based on a 0.26% Sn cut-off grade):
Total resource ore tonnage: 39.1 million tonnes
Average Sn grade: 0.55%
Total contained tin: 213,300 tonnes
Proven reserves: 18,100 tonnes at 0.85% grade
As of the end of 2024, Xingye Yinxin holds 185,700 tonnes of tin reserves, meaning the acquisition would expand its proven reserves by nearly 10%.
🔹 Financial Terms & Background
In addition to equity acquisition, Xingye Gold will help Atlantic Tin repay up to AUD 6.8 million in shareholder loans owed to Pala Investments, which currently holds 72.26% of the company.
The offer represents:
A 20% premium over Atlantic Tin’s last fundraising round (Nov 22, 2024)
A 1500% premium over its delisting price from the ASX in September 2020 (when it was known as Kasbah Resources Limited)
Atlantic Tin reported for 2024:
Total assets: AUD 18.36 million
Total liabilities: AUD 12.91 million
Debt ratio: 70.3%
Revenue: AUD 922,800
Net loss: AUD -10.58 million
🔹 Strategic Outlook
The board of Atlantic Tin views the Achmmach project as an attractive development opportunity, but one requiring significant capital investment that may dilute shareholder equity. The acquisition offer from Xingye Yinxin provides a clear monetization path while avoiding operational and regulatory risks.
This deal follows Xingye Yinxin’s RMB 2.39 billion acquisition of Yubang Mining in December 2024, which added 14,765 tonnes of silver reserves at an average grade of 137.92 g/t, demonstrating the company’s ongoing strategy of rapid reserve expansion through domestic and international M&A.
[Source – 上海有色网] 兴业银锡拟4.54亿元收购海外矿山 锡金属探明资源量约两万吨 https://news.smm.cn/news/103310249
