Rio Tinto, Panguna stakeholders to address mine legacy impacts at roundtable
The Panguna Mine Legacy Impact Assessment is expected to be published later this month.
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.
