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CNBC reports that Vale (NYSE:VALE,SAO:VALE5) has been outbid by Jinchuan Group (FRA:GDZD,ETR:GDZD) for Metorex (JNB:MEMTX,PINK:MRXLY).
CNBC reports that Vale (NYSE:VALE,SAO:VALE5) has been outbid by Jinchuan Group (FRA:GDZD,ETR:GDZD) for Metorex (JNB:MEMTX,PINK:MRXLY).
The market news is quoted as saying,
Although the saga still has at least a week to run, Jinchuan swung a hefty blow this week, with a $1.3 billion bid to trump a $1.1 billion offer from Vale.
Jinchuan’s juicy premium for Metorex, which operates copper and cobalt mines in Zambia and Democratic Republic of Congo, clearly demonstrates the lengths Chinese firms are prepared to go to secure natural resources for ravenous factories back home.
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