Joint bid for Canadian miner
By Pan Xiaoyi |
December 30, 2009, Wednesday
|
Print Edition
Print Edition
CHINA Railway Construction Corp and Tongling Nonferrous Metals Group Holdings Co have agreed to jointly acquire a Canada-based mining company for C$679 million (US$651 million) to gain access to the miner's assets located in a copper belt in southeast Ecuador.
CRCC-Tongguan Investment Co, a 50-50 joint venture established by the two Chinese companies, agreed to buy out Corriente Resources Inc for C$8.60 per share in cash, representing a 27 percent premium to the Canadian firm's average trading price for the 30 trading days up to December 24, Vancouver-based Corriente Resources said in a statement on its Website.
The acquisition would allow the companies to gain mining rights to Corriente's main assets of 17 deposits in total in the copper belt in southeast Ecuador.
Copper reserves in the four main mining regions - Mirador, Mirador Norte, Panantza and San Carlos - total around 11.54 million tons, China Railway said in a statement filed to Hong Kong Stock Exchange late Monday.
Corriente is also engaged in exploration and development of gold, silver and molybdenum mines.
China Railway said "the company has added development of mineral resources as one of its principal operations. The acquisition is in line with the long-term strategy of the company and would effectively facilitate the diversification of businesses and balanced development of the company."
In a statement to the Shenzhen Stock Exchange yesterday, Tongling Nonferrous Metals Group said "the acquired assets will effectively increase the firm's copper reserves and is in line with its long-term strategy." The firm is the Shenzhen-listed unit of Tongling Holdings.
The transaction is subject to regulatory approval from authorities in the China and Canada and Corriente shareholders.
CRCC-Tongguan Investment Co, a 50-50 joint venture established by the two Chinese companies, agreed to buy out Corriente Resources Inc for C$8.60 per share in cash, representing a 27 percent premium to the Canadian firm's average trading price for the 30 trading days up to December 24, Vancouver-based Corriente Resources said in a statement on its Website.
The acquisition would allow the companies to gain mining rights to Corriente's main assets of 17 deposits in total in the copper belt in southeast Ecuador.
Copper reserves in the four main mining regions - Mirador, Mirador Norte, Panantza and San Carlos - total around 11.54 million tons, China Railway said in a statement filed to Hong Kong Stock Exchange late Monday.
Corriente is also engaged in exploration and development of gold, silver and molybdenum mines.
China Railway said "the company has added development of mineral resources as one of its principal operations. The acquisition is in line with the long-term strategy of the company and would effectively facilitate the diversification of businesses and balanced development of the company."
In a statement to the Shenzhen Stock Exchange yesterday, Tongling Nonferrous Metals Group said "the acquired assets will effectively increase the firm's copper reserves and is in line with its long-term strategy." The firm is the Shenzhen-listed unit of Tongling Holdings.
The transaction is subject to regulatory approval from authorities in the China and Canada and Corriente shareholders.
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