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Buying it should put Burgundy on the map, and would be another counter-cyclical move from O’Keeffe, who is Burgundy’s executive chairman and a substantial shareholder.
The former Glencore Australia boss is well known for creating huge value in Riversdale Mining (there were two, one sold to Rio Tinto and the other to Gina Rinehart), and Champion Iron, where he bought the Bloom Lake iron ore mine in Canada in 2015 for $C11 million and turned it into a company now trading with a $3.9 billion market capitalisation.
Burgundy’s brokers are expected to price and underwrite the deal following a global roadshow, to take place in coming weeks.
The company’s shares last traded in December, when it had about a $100 million market capitalisation.
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