Large Chinese and Brazilian mining groups are battling for control of a small African copper company after Jinchuan, the Chinese state-owned miner, confirmed a $1.4bn rival offer for Metorex, a Johannesburg-listed miner with assets in the Democratic Republic of Congo.
Jinchuan’s R8.9 per share offer surpasses the R7.35 per share offer that Vale, the Brazil-based miner, made in April.
Metorex, awaiting an improved deal from Vale, has not yet recommended Jinchuan’s offer. The deal would value Metorex at R9.1bn ($1.36bn).
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