{"id":366645,"date":"2011-04-04T11:56:37","date_gmt":"2011-04-04T11:56:37","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/04\/china-metals-firm-in-6-5bn-bid\/"},"modified":"2011-04-04T11:56:37","modified_gmt":"2011-04-04T11:56:37","slug":"china-metals-firm-in-6-5bn-bid","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/04\/china-metals-firm-in-6-5bn-bid\/","title":{"rendered":"China metals firm in $6.5bn bid"},"content":{"rendered":"<p><div readability=\"51.614548494983\">\n    \t\t  <span><br \/>\n    <span>4 April 2011<\/span><br \/>\n<span>Last updated at <\/span><span>07:56 ET<\/span><br \/>\n<\/span><\/p>\n<p>China&#8217;s Minmetals Resources has made a $6.5bn (\u00a34bn) bid for Equinox Minerals, an Australian-Canadian copper miner.<\/p>\n<p>It is thought to be the largest unsolicited bid by a Chinese mining company, and reflects the sector&#8217;s acquisition spree.<\/p>\n<p>China accounts for 40% of world demand for copper, and is eyeing Equinox&#8217;s assets in Zambia and Saudi Arabia<\/p>\n<p>Equinox already has a C$4.7bn ($4.9bn; \u00a33bn) bid tabled for Canada&#8217;s Lundin Mining.<\/p>\n<p>Minmetals&#8217; bid is conditional on this offer being dropped.<\/p>\n<p>Minmetals&#8217; chief executive Andrew Michelmore told a press conference in Hong Kong that the bid &#8220;fits into a strategy of building a leading international diversified base metals upstream business&#8221;.<\/p>\n<p>&#8220;It certainly fits in with the strategy in terms of growing the base metal size, particularly in terms of copper,&#8221; he said.<\/p>\n<p>If the takeover succeeds it would propel Minmetals from the world&#8217;s 30th largest copper producer to the 14th biggest.<\/p>\n<\/p><\/div>\n<\/p>\n<p>Read more here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12959430\" title=\"China metals firm in $6.5bn bid\" rel=\"noopener noreferrer\">China metals firm in $6.5bn bid<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 4 April 2011 Last updated at 07:56 ET China&#8217;s Minmetals Resources has made a $6.5bn (\u00a34bn) bid for Equinox Minerals, an Australian-Canadian copper miner. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-366645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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