BHP sees rising uncertainty for miners on trade as Trump returns
Mining companies across the globe have been spooked by Trump’s plans to slap tariffs.
Equinox Minerals Ltd.’s counter offer for Lundin Mining Corp. is so low that it’s leaving an opening for Freeport-McMoran Copper & Gold Inc. to enter the bidding war, Bloomberg News said Thursday:
Lundin, a Toronto-based copper and zinc producer, was 1.2% above Equinox’s average cash-or-stock offer of $7.77 a share as of Wednesday, signalling traders who bet on mergers and acquisitions expect a competing bid. Equinox, owner of Africa’s largest copper mine, made its unsolicited $4.6-billion (US$4.7-billion) proposal Feb. 28, a month after Lundin agreed to a takeover by Inmet Mining Corp. Equinox has offered a 14% premium, the lowest counter bid for a diversified-minerals company, according to data compiled by Bloomberg.
