PanAust rejects Guangdong Rising's "low" offer

Chinese state-owned companies are back in the hunt for mining assets but, after past missteps, they are exercising more discipline in their bids.
The Phu Kham Copper-Gold Operation.
The Phu Kham Copper-Gold Operation.

Chinese state-owned Guangdong Rising Assets Management's bid for Australian-listed copper and gold producer PanAust, which values the latter at A$1.5 billion $1.4 billion, is the latest in a flurry of mining-related acquisitions as Chinese companies seek to secure resources. 

On May 6, state-owned Baosteel group teamed up with Australian rail freight company Aurizon and made an unsolicited bid for Aquila Resource, valuing the Australian company at A$1.4 billion.

However, unlike past years, the modus operandi of Chinese bidders appears to be changing they are now more cautious about overpaying and exercising greater discipline in their bids.

Guangdong Rising Assets, which has...

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