Jinchuan Ups Ante for Metorex
Metorex, a South African-listed base metals miner with interests in the Central African Copper Belt received a $1.3 billion all cash offer from Jinchuan, China’s largest producer of nickel, cobalt and platinum group metals, as well as the one of the top three producers of refined copper. The bid tops a previous offer from Vale by 22%. The offer excluded Metorex’s shareholding in Sable Zinc Kabwe, which was to be sold to Glencore for R190 million. Metorex gave Vale eight days to match the offer. Metorex shareholders are expected vote July 22, 2011.