Bumi extends tender offer period for Herald shares

PT Bumi Resources Tbk, through its subsidiary Calipso Investment Pte. Ltd., has extended the period of its tender offer for the acquisition of the shares of Australian company Herald Resources Ltd.

In a statement filed on Feb 28 with the Australian Stock Exchange, Calipso requested to extend the tender offer until March 14, 2008. The tender offer originally expires on February 15.

Calipso is still offering $2.25 cash per Herald share, it said

Aside from Bumi, Indonesian state owned mining company PT Aneka Tambang Tbk in partnership with Chinese firm Shenzen Zhongjin Lingnan Nonfemet Co. Ltd is also competing to acquire Herald.

Herald, together with its 20 percent partner Aneka Tambang, is planning to develop Dairi zinc/lead project to process 1 million tons of ore per annum and to produce between 220,000 and 100,000 tons of zinc and lead concentrates annually. (*)