Allowing Shareholders an Exit at a Premium
and Possible Increased Interest in Tasmanian Mine25 June 2025 -- The unsolicited partial offer (“Partial Offer”) by Metals X Limited (“Metals X”), Australia’s largest tin producer, to acquire up to 28% of Greentech Technology International Limited (“Greentech”, HKEx stock code: 00195) commences today, allowing shareholders of Greentech to realise their investment, at a premium, in the suspended listed company. Through acquiring a stake in Greentech, Metals X intends to increase its interest in Australia’s largest tin mine, jointly owned by it and Greentech.
Salient features of the Partial Offer:–
- Metals X seeks to acquire up to 382,480,000 Greentech shares
- Offer price at HK$0.35 per share in cash
- A 25% premium over the last closing price
- Greentech shares are under a prolonged trading suspension from 2 September 2024 (with delisting deadline on 1 March 2026)
- The deadline for acceptance of the Partial Offer is 4:00 pm on Wednesday, 23 July 2025
Metals X and Greentech (through its non-wholly owned subsidiary) currently each hold 50% interest in the Renison Tin Mine in Northwest Tasmania, Australia through each of their 50% stake in Bluestone Mines Tasmania Joint Venture Pty Ltd (“BMTJV”), which is also the operator of the Renison Tin Mine.
Renison is Australia’s richest tin ore field and one of the world’s largest highest-grade tin ore fields. In 2024, the Renison Tin Mine produced approximately 11,000 tonnes of tin, accounting for approximately 3% of world tin production in the same year.
“We hope that by becoming a significant shareholder of Greentech, which indirectly holds 50% equity interest in BMTJV through its non-wholly owned subsidiary, we can contribute to the stability of Greentech’s operation and improve its corporate governance. For shareholders wishing to realise their investment amidst Greentech’s prolonged trading suspension, the Partial Offer, which is unconditional in all respects, provides them a viable exit at a premium price. I believe the Partial Offer is beneficial to shareholders and Greentech as a whole,” noted Mr. Peter Gunzburg, the Chairman of Metals X.
“The Renison Tin Mine is an important asset to Metals X. With the intended expansion of our interest in the joint venture through an equity interest in Greentech, we expect to play a pivotal role in continuing the healthy development of the Renison operations,” added Mr. Brett Smith, Executive Director of Metals X.
If Metals X owns 10% or more of the issued shares of Greentech upon closing of the Partial Offer, Metals X will consider nominating new director(s) to Greentech’s board of directors, and will assist Greentech to review its operational efficiency, financial reporting and corporate governance.
The principal activities of Greentech are exploration, development and mining of tin and copper-bearing ore at Renison Tin Mine through BMTJV. Trading in Greentech shares has been suspended since 2 September 2024, due to, among others, delay in publication of Greentech’s interim results for the six months ended 30 June 2024 and annual results for the year ended 31 December 2024. Certain directors of Greentech also complained, among others, about three incidents that happened in 2022, being:–
- the repayment of a HK$67 million loan suspiciously to an individual instead of to the corporate lender (who complained in 2024 not having received the loan repayment);
- a HK$48 million subscription in an investment fund which defaulted redemption obligation; and
- a HK$10 million investment in an associate which was subsequently written off.
Metals X is a limited company incorporated in Australia, with its shares listed on the Australian Securities Exchange (ASX stock code: MLX). Its principal activities include (i) investment in the BMTJV operating a tin mine in Australia; and (ii) investments in companies undertaking exploration and development of tin, gold and base metals projects in Australia.
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Issued by: Metals X Limited
Through: CorporateLink Limited
Media Enquiries: CorporateLink Limited
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Rainy Zhang
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