Malaysia Smelting Corporation, the world’s fourth largest tin producer, is looking for a buyer for its 22% stake in Australian gold miner Beaconsfield Gold NL, signalling its intention to focus more on its tin business.
"MSC has advised Beaconsfield Gold that it is to focus on its core business of tin mining and smelting," Beaconsfield Gold said in a statement on Tuesday. "MSC has appointed an advisor to seek strategic investors and mining groups interested in acquiring the MSC stake."
Beaconsfield Gold has a market capitalisation of A$52.89 million, valuing the MSC stake of 22.1% at about $11.7 million. The Malaysian company acquired its shareholding in March 2008 and increased its holding through a rights issue in August.
