Mesa Minerals

Mineral Resources' takeover of Mesa Minerals is poised to go ahead after moves to dump four of Mesa's directors were voted down at a shareholders meeting today.

TAPPING the equity market for funds during the March quarter was a more subdued affair compared to the major raisings that took place last year.

An attempt to remove the majority of Mesa Minerals' board have prompted the company to seek orders from the Takeovers Panel to block dissident shareholders from buying more shares.

Mineral Resources has launched a friendly all-scrip takeover offer for unlisted public company Auvex Resources and its 50 per cent interest in the Mesa manganese joint venture tenements in the Pilbara.

A pair of Mineral Resources subsidiaries have made progress on two fronts, one winning a processing plant contract worth an estimated $450 million at Rio Tinto’s Nammuldi iron ore mine, while another part-owned subsidiary has raised $1.38 million to repay debts.

A major shareholder in failed manganese company Mesa Minerals has lost its bid to have administrators replaced after the Supreme Court ruled there was no evidence of bias between Pitcher Partners and Mesa’s largest stakeholder, Mineral Resources.