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China’s Minmetals Resources Ltd has, once again, extended its $1.3 billion takeover offer for Africa-focused copper miner Anvil Mining Ltd (TSX:AVM) to Feb. 16. This is the third time that Minmetals offer has been extended since the deal got the go ahead by the Australian Foreign Investment Review Board, last October.
Minmentals offer of C$8 per Anvil share in cash represents a 38% premium on the $5.79 price the market was offering before the acquisition.
Anvil’s key asset is the Kinsevere mine, located in the Democratic Republic of Congo. As a result of the acquisition, Minmetals says its annual copper output will grow by 60,000 tonnes per year, an increase of 60%. The Kinsevere mine is expected to have about a 14-year life.
“MMR’s aim is to build an international mining group based on a unique operating model that brings together the skills and experience of an international management team with the long term commitment of a major Chinese corporation as its major shareholder,” Andrew Michelmore, CEO and Executive Director of Minmetals Resources, said at the time of the announcement.
Minmetals had previously bid for Vancouver-based copper producer Equinox Resources but lost it to Barrick Gold Corp. (TSE:ABX), which paid $7.3 billion. The move was seen as a diversification by gold-centric Barrick into copper.
