2 ASX mining stocks rumoured to be takeover targets

Rumours are swirling at the Diggers & Dealers Mining Forum in Kalgoorlie this week.

| More on:
two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Takeover rumours are circulating today in relation to ASX mining stocks Emerald Resources NL (ASX: EMR) and Chalice Mining Ltd (ASX: CHN).

Emerald Resources shares are up 0.45% to $2.23 at the time of writing. In earlier trading, the ASX gold mining stock hit an intraday high of $2.28, up 2.7%.

Chalice Mining shares are down 1.81% to $5.70. In earlier trading, the ASX copper and nickel mining stock was up 1.9% to an intraday high of $5.91.

Let's dig deeper into this takeover buzz.

Chinese investors make offers on Emerald Resources assets

The Australian reports today that Chinese suitors are eyeing off Emerald's gold assets in Cambodia.

Emerald acquired the Cambodian mines via its off-market takeover of Renaissance Minerals in 2016.

The Okvau Gold Project is the most advanced project. In FY23, the mine produced 108,866 ounces of gold, which was at the midpoint of the company's guidance of 105,000 ounces to 110,000 ounces.

Last month, Emerald announced an off-market takeover of Bullseye Mining, which owns Western Australian mines the North Laverton Gold Project and the Southern Cross Gold Project.

Emerald Chairman Simon Lee described the deal as a "milestone" for the company, saying:

Capitalising on the combined gold mining and exploration assets in both Cambodia and Australia, Emerald is now poised to consolidate its position as a significant gold miner with an exciting future across two continents.

According to The Australian, Emerald is reluctant to sell its Cambodian assets.

In other news today, Emerald Resources has announced that Lee will step down as chair, effective immediately, but will stay as a non-executive director.

Lee was Emerald's inaugural chair in 2014.

Current non-executive director Jay Hughes is the new chair.

ASX mining stock Chalice Mining attracting buyers

The Australian also reports a number of buyers are interested in ASX mineral explorer Chalice Mining.

The company has interests in several mines in Western Australia and the Northern Territory.

Chalice Mining CEO Alex Dorsch has reportedly confirmed approaches from large-cap and mid-cap Australian miners.

The company began exploring a full or partial sale in April and the rumoured bid date is 21 August.

Dorsch is at the Diggers & Dealers Mining Forum in Kalgoorlie and delivered a speech yesterday.

He said "there is room for multiple partnerships", with offers coming in from Australian miners as well as car and battery manufacturers in North America, Japan, Korea, and Europe.

Copper is expected to be one of the dominant metals of the global decarbonisation trend.

Many ASX mining stocks are raising their investment in copper, including Rio Tinto Ltd (ASX: RIO).

The boss of global miner Ivanhoe Mines, Robert Friedland, predicts copper prices could rise tenfold amid a "train wreck" of stalling supply and growing demand.

Copper is one of very few commodities expected to rise over the next five years. The federal government forecasts the average copper price to rise from US$8,406 per tonne in FY23 to US$9,954 in FY28.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

5 reasons everyone's talking about Fortescue shares this week

The miner's name has been buzzing this week.

Read more »

A mountain bike rider navigates down a bumpy track, indicating uncertain economic times ahead
Resources Shares

Uh-oh! Are ASX copper shares about to hit a speed bump?

ASX copper stocks could be about to hit a rough patch. But why?

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

What's the outlook for ASX 200 mining shares in FY25?

Let’s dig into some of the factors for miners in the 2025 financial year.

Read more »

Happy man in high vis vest and hard hat holds his arms up with fists clenched celebrating the rising Fortescue share price
Resources Shares

2 ASX mining shares rocketing over 16% on big news

Investors are getting very excited about these shares today.

Read more »

A smiling miner wearing a high vis vest and yellow hardhat and working for Superior Resources does the thumbs up in front of an open pit copper mine, indicating positive news for the company's share price today following a significant copper discovery
Resources Shares

Why are these experts so bullish on ASX copper shares?

ASX copper shares could lead the charge higher into 2025. But why?

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

What's happening with the big 3 ASX 200 iron ore stocks today?

BHP, Rio Tinto and Fortescue are eyeing an ongoing economic slowdown in China.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background.
Resources Shares

Should investors be bullish about BHP shares with the FY25 outlook?

The mining giant has slid lower. Is this a good time to invest?

Read more »

A yellow sign with the words 'Changes ahead' on a city backdrop, indicating volatile share price movement
Resources Shares

Buying Rio Tinto shares? Here's why this 'world-class' lithium project could be back on track

Rio Tinto’s lithium ambitions have been largely on hold since 2022. But is that about to change?

Read more »