Cathay Fortune buys Australia-listed mine in Africa

Cathay Fortune wades into Africa to scoop up yet another resources company as prices are depressed and opportunities arise.

Cathay Fortune buys Australia-listed mine in Africa
Discovery Metals operates copper mines in Botswana

In the latest move by Chinese companies to get their hands on natural resources, a Chinese private equity firm, Cathay Fortune, is offering A$830 million $848 million for control of Discovery Metals, an Australian copper producer with mines in Botswana.

The deal calls for Cathay Fortune to take 75% and China-Africa Development Fund to control 25% as they acquire all of the ordinary shares of Discovery Metals for A$1.70 a share in cash, or approximately...

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