It has also held talks with other parties about a possible takeover, but there have been no firm bids so far. "In order for the PanAust Board to recommend a change of control proposal, both price and conditionality will be important, including the status of any regulatory approvals," the company said.
PanAust, reporting a 28 per cent fall in half-year profit, said takeover talks with China's Guangdong Rising Assets Management were continuing but that it had yet to receive a formal offer it could recommend to shareholders.
The company declared an interim dividend of 3c (Australian dollars) a share, and said its operations are on track to the meet the upper end of forecast annual output of 65,000 tonness to 70,000 tonnes of copper in concentrate, and 160,000 troy ounces to 165,000 ounces of gold.
Read more here: Business Spectator