Equinox will fight off hostile suitors through acquisitions
Equinox will fight off hostile suitors through acquisitions - by Metal Bulletin - 14 January 2010
Equinox Minerals wants to buy a late-stage project or a producing asset in a low-risk country in a bid to expand and fend off unwanted advances from potential suitors. The company, which owns and operates Lumwana, Africa’s largest copper mine that came into commercial production in April 2009, has not received any takeover bids and is not up for sale, a spokesman told MB. But the company is vulnerable to a takeover, analysts believe. Companies looking for a foothold or greater presence in copper and in Zambia would be Antofagasta, Vedanta Resources, which owns Konkola Copper Mines (KCM) in Zambia and has the offtake for Lumwana’s concentrates, and Vale and ARM, which created a 50:50 joint venture to develop Teal’s copper assets in the Democratic Republic of Congo (DRC), Zambia and Namibia in March last year, analysts said. “Equinox is supplying their smelter and Vedanta’s looking to expand,” a London...
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