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Sarah Collins
Irish mining giant Kenmare Resources has announced a takeover bid to return more than 70 million euros to shareholders due to strong cash flow.
Kenmare, operator of the Moma mine in northern Mozambique, is one of the world’s leading producers of titanium minerals and zircon.
The company announced Tuesday that it would be giving up to £ 61.8 million (€ 73 million) to eligible shareholders at £ 4.17 (€ 4.93) each Common stock returns.
Shareholders holding 500 shares or less have until December 9th to have up to 13.5 percent of their shares bought by the company.
The company announced its intention to In 2018, it will distribute 20 percent of its after-tax profits to shareholders, and announced earlier this year that it would target an increased dividend payout of 25 percent of after-tax profits in 2021.
Kenmare said in a statement The move was due to successful capital projects, strong operational performance and the strength of the raw materials market this year / p> The takeover offer is subject to the approval of the shareholders at an extraordinary general meeting on December 9th.
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