China's Minmetal buys Anvil Mining for $1.3bn

Shanghai skyline China is the world's largest consumer of metals as it fuels its rapid industrialisation

China's Minmetal Resources has agreed to buy copper miner Anvil Mining, giving it three copper mines in Africa.

Minmetals, which is a unit of China's largest metals traders, will pay about $1.3bn (£830m) for the acquisition.

That would amount to a 39% premium on Anvil's closing share price on Thursday in the Toronto stock exchange.

China has been buying up resources around the world from copper to zinc, to support its rapid growth.

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

Minmetals, which is based in Hong Kong, is backed by the Chinese government.

The Anvil acquisition will give it three copper mines in the Democratic Republic of Congo.

One of those mines, the Kinsevere mine, is expected to produce 60,000 tonnes of copper cathode a year, Minmetal said in a statement.

Anvil is listed in both Sydney and Toronto. The bid from Minmetals is subject to approval from the Australian government.

More Business stories



  • John CurticeScotland decides

    Referendum race 'may have got tighter'

  • RihannaCloud caution

    After celebrity leaks, what can you do to safeguard your photos?

  • Cesc FabregasFair price?

    Have some football clubs overpaid for their new players?

  • Woman and hairdryerBlow back

    Would banning high-power appliances actually save energy?

  • Rack of lambFavourite feast

    Is the UK unusually fond of lamb and potatoes?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.