Chinese consortium bids for Monterrico

ChinaÆs Zijin leads a consortium that wants to buy AIM-listed Monterrico for $186 million, with development rights for copper mines in Peru driving the deal.

The Zijin consortium, a group of Chinese companies led by Zijin, is in a deal to takeover Montericco Metals, valuing the equity of the company at ú94.6 million $186 million. Analysts believe the offer under-values the company and expect a competing bid to be tabled.

MonterricoÆs main asset is development rights for the Rio Blanco copper-molybdenum project in northern Peru, a significant-scale copper development. It is forecast that by 2010 a planned greenfield facility will be producing 220,000 tonnes...

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