China Moly to Make $2.15-billion Offer on Overseas Mine

Reuters reported that China Molybdenum Luoyang Co. Ltd. (HKEX:3993) is set to make an offer of up to $2.15 billion for an overseas mining project. Chinese companies have increasingly been looking to acquire resource assets outside of China.
As quoted in the market news:

Officials from China Moly, as it is known, could not be immediately contacted for further information on a statement released to the Hong Kong bourse on Monday saying it would look to “acquire certain overseas mining assets from an international mining company” at a cost not likely to exceed $2.15 billion.
The unnamed target, had “matured operations and generates stable profits and cash flow,” the Chinese company said.
Analysts speculated that China Moly could be courting Barrick Gold of Canada for its Zaldivar copper mine in Chile, but had no specific information to that effect.
Barrick in April said it wanted to sell up to 50 percent of the mine – estimated to be worth around $1 billion – and would consider selling a bigger stake if it got a “knock-out” offer.
Barrick officials were not immediately available outside of regular office hours in Toronto.

Click here to read the full Reuters report.