Minmetals Aims to Add Copper Assets in Africa, South America

Bloomberg reports that Minmetals Resources Ltd. (HKG:1208) plans to add copper assets in Africa and South America in the next three to five years.

The market news is quoted as saying:

Mining companies are competing to secure assets after a dearth of new global projects and demand from China drove copper prices to a record this year. Minmetals yesterday announced a C$6.3 billion ($6.5 billion) unsolicited cash offer for Equinox Minerals Ltd. The deal, China’s biggest minerals takeover, would give Hong Kong-based Minmetals control of the Lumwana copper mine in Zambia and Saudi Arabia’s biggest copper deposit.

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