Minmetals plans $6.5 billion copper acquisition

Minmetals announces plans to launch a takeover of Equinox Minerals to gain control of copper mines in Zambia and Saudi Arabia, in the largest hostile bid by a Chinese company to date.

Minmetals plans $6.5 billion copper acquisition
Work continues at Equinox's Lumwana mine in Zambia.

China reaffirmed its ambition to become a global player in the natural resources industry this week when state-owned Minmetals Resources revealed plans for a C$6.3 billion $6.5 billion offer for Equinox Minerals. Minmetals is interested in Equinox for the copper mines it owns in Zambia and Saudi Arabia.

The planned deal, which Minmetals announced on Monday, received a fillip yesterday when Australia’s Foreign Investment and Review Board FIRB indicated that it had no objection to...

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