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Gem Diamonds has tabled a 37p-a-share offer for gold and diamond miner BDI Mining - whose Cempaka mine in Indonesia produces 50,000 carats per year - valuing the company at just under £42m. Gem raised £285m when it listed in London in February, and it had been widely expected to make acquisitions. Shares in Gem ticked up 5p to 1,075p on the news.
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Gem looks good value as a consolidator, but the deal is also a good result for BDI, which we rated as a speculative buy at 19.75p (1 September 2006). Accept.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
