Zijin Mining bids for Australia's Indophil Resources

China's largest gold producer Zijin Mining offers $497 million to buy 100% of Australia-listed Indophil Resources and gain control of 37.5% of a gold and copper mine in the Philippines.

China's Zijin Mining Group has made a bid to take over Australia-listed miner Indophil Resources for A$545 million ($497 million).

Zijin is offering to buy all of Indophil's outstanding shares for A$1.28 per share. The price represents a premium of 18% to Indophil's closing price on the Australian Securities Exchange (ASX) on November 26, the day before the shares were suspended pending an announcement, and an 83% premium to Indophil's six month volume-weighted average price.

The board of directors of Indophil supports the takeover bid by Zijin and is recommending ...