Crosby Capital Partners - PE of 3 and so undervalued.

sheeneqa - Fri, 23 Dec 05 :

Antofagasta snaps up Tethyan interests
LONDON (ShareCast) - Chile-based copper miner Antofagasta (LSE: ANTO.L - news) is to buy a 20% stake in Australian miner Tethyan and acquire Advertisement

50% of its interests in Pakistan.

Antofagasta, together with Tethyan, is also paying BHP Billiton $50m in compensation to cancel ownership rights over certain of Tethyan's mineral interests.

Antofagasta's total outlay including a commitment to exploration and development will be $133m.

Tethyan's principal assets are licences in the Chagai Hills region of Pakistan. It is currently fighting off a takeover bid from a consortium of Crosby Capital and IB Daiwa and has unanimously recommended that its shareholders reject their approach in favour of the Antofagasta deal.

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