Unlisted Australian company Moly Mines has taken over Queensland Mining Corporation with a view to advancing its White Range copper-gold project, 40km south of Cloncurry.

Moly Mines initially announced a takeover bid on December 15 under which it offered to acquire all of the issued shares in Queensland Mining Corporation for  $0.17 cash each,  valuing QMC at about $50.8 million.

It had received acceptances representing 95.59 per cent of QMC’s issued ordinary shares when the offer closed on January 19 and has proceeded with compulsory acquisition of the remainder.

When it announced the takeover plans in December, Moly Mines said it considered that White Range had strong potential to be brought into production and that it intended to shortly commence work to bring the project to development.

That project includes the key Greenmount, Kuridala and Young Australian deposits as well as the smaller deposits of Mt McCabe, Vulcan
and Desolation along with numerous advanced exploration prospects.