Indonesia’s PT Antam and China’s Zhongjin Lingnan Nonfemet has announced a joint cash offer of $2.50 per share for the entire issued capital of Herald Resources, valuing Herald at $504.8 million.  
Herald agreed to accept the Antam-Zhongjin offer. The Board of Herald withdrew their previous recommendation to accept Calipso Investment’s offer of $2.25 per share.
The Directors of Herald Resources have also indicated that in the absence of a superior proposal they currently intend to accept the Antam-Zhongjin offer for their own holdings of Herald Resources shares.
Antam is a state-controlled Indonesian mining group that currently holds a 20% interest in Herald Resource’s 80%-owned Dairi zinc and lead project in Northern Sumatra.
Zhongjin is a zinc and lead mining and smelting company based in China, and operates the Fankou mine.
 According to the President Director of Antam, Dedi Aditya Sumanagara, the offer represents a chance to kill two birds with one stone.
“The joint acquisition of Herald Resources represents an opportunity for Antam to have a majority interest in the Dairi Project and build a strategic partnership with one of China’s leading zinc and lead companies,” Sumanagara said.
Antam will pay for 40% of the bid, whilst Zhongjin will pay for the remaining 60%.

Key contact:
PT Antam
corsec@antam.com

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