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Chinese Nickel company Jinchuan Group Co. continues to buy copper assets

7 July 2011
Chinese Nickel company Jinchuan Group Co. continues to buy copper assets

The largest operator of the Nickel market in China, the Corporation JNMC (Jinchuan Group Co.), joined in the struggle for African copper company Metorex Ltd. The latter, according to data published in specialized media, owns mines of the red metal with potential resources in excess of 5 million tons. Representatives of the Jinchuan Group has offered the present owners of copper assets price is equivalent to 1.32 US dollars per share. Thus Chinese businessmen exceeded supply of the previous potential buyer (Brazilian mining company Vale SA) by 21%.The management of Metorex Ltd has proposed to Brazilian buyers have until the middle of this month to take a decision to increase the offer price for its shares. Otherwise, Vale SA will have to give copper company to their competitors from China. Recall that over the past 12 months for Nickel, the company JNMC this is not the first sale of copper assets: in September 2010, Jinchuan Group acquired the assets of the canadian geological survey companies Continental Minerals, which owned a large gold-menopausticum mine in Tibet. Then the stock of the target company at a cost JNMC $419 million Cost of the July deal analysts estimated at $1.36 billion

6 July 2011
8 July 2011