ARMZ to Bid on Kahn

Dec. 1, 2009

AtomRedMetZoloto, or ARMZ, a mining unit of Rosatom, said Monday that it would bid for Canadian miner Khan Resources, which has assets in Mongolia.

ARMZ’s CEO Vadim Zhivov told a news briefing that it would use its own resources for the purchase.

Khan Resources said Friday that it had been informed that ARMZ would make an unsolicited offer to purchase all shares of the miner for 0.65 Canadian dollars ($0.61) per share.

(Reuters)

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