Minmetals launches take-over bid on Anvil Mining
October 27, 2011 Category Automotive Metals & Minerals, Minerals
Hong Kong-listed Minmetals Resources has launched a CAD1.3 billion bid to buy Congo-focused copper producer Anvil Mining, offering 30% more than the average share price in the previous 20 trading days. The friendly takeover has won the approval from Anvil’s board and major shareholder, Trafigura Beheer. Anvil’s flagship asset is the 95%-owned Kinsevere mine in the Democratic Republic of Congo. Output of copper concentrate – pre-smelted copper – was 5,939 tons in this year’s first-half. Anvil has recently completed an expansion that raised its annual output capacity to 60,000 tons, which would increase Minmetals’ copper output by about 60%. Kinsevere is estimated to have 1.07 million tons of copper resources at the end of last year. The deal needs approval from Australia’s Foreign Investment Review Board due to Anvil’s interest in Australian companies. MF Global Analyst Helen Wang said she was concerned about a lack of information on logistics infrastructure to ship copper out of Congo. A Spokesman for Minmetals Resources said a third-party trading firm bought Kinsevere’s output and assumed the responsibility and risks to send it to the market. He would not name the firm. A class action suit has been filed by Congolese advocacy groups against Anvil, alleging it has a role in Congo’s military suppression of rebels that resulted in a massacre in 2004. The company denies all involvement.
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