By: Creamer media

The offer would have comprised $0.45 structured entirely in common shares of Denarius.

Emerita’s board and merger and acquisition committee did review the Denarius offer when it was made in mid-April, determining, however, that the offer undervalued the company and lacked substantive details.

Emerita remains focused on advancing its portfolio of projects in Spain, particularly the Iberian Belt West project, while Denarius is advancing strategic collaborations as a joint venture (JV) partner with ProGrowth – a Saudi Arabian group of companies.

The JV between the companies aims to establish a strategic platform focused on mining concessions, mineral trading, metallurgical processing and downstream industrial development for gold bar production.

By leveraging Denarius’ portfolio of mining projects and ProGrowth's regional expertise and market presence, the partnership seeks to develop an integrated value chain for mineral resources.

Through a series of JVs, the partnership plans to advance mineral processing, refining and related industrial activities within Saudi Arabia, supporting the expansion of the country’s mining sector in alignment with its Vision 2030.

Pursuant to the partnership, Denarius will have a 75% equity interest in each of Al Sahra Minerals and Najd Minerals. The partnership will open doors in the mining and metals sector in Saudi Arabia, leveraging funding available for its investment strategy through private and sovereign investment funds.