Minmetals to buy copper miner Anvil for $1.3b

Updated: 2011-09-30 17:11


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Minmetals Resources Ltd has agreed to buy Africa-focused copper miner Anvil Mining for $1.28 billion as the China government-controlled firm expands its global reach and adds base metal reserves.

Minmetals' latest acquisition comes nearly five months after it bowed out of a bidding war to buy Canadian copper miner Equinox Minerals and underscores China's growing appetite to secure supplies of natural resources to support the urbanization of its vast population.

Minmetals is offering C$8 a share, or a 39 percent premium, to Anvil's close on Sept 29 in Toronto stock exchange. Anvil's depositary shares traded in Australia surged 32 percent to A$7.67 on Sept 30.

"It has been very clear that Minmetals has a mandate to make mining investment outside China," Andrew Driscoll, head of resource research at CLSA Ltd said.

Anvil said last month it had begun to review its strategic alternatives including a sale, sending its shares higher.