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Minmetals to Acquire Anvil Mining

By Joel ScanlonOct 3 2011

Minmetals Resources is to buy Anvil Mining for $1.3 billion. Minmetals Resources is part of China’s largest metals trader and is interested in Anvil Mining for its copper mines in Africa, in particular the Kinsevere project in the Katanga province of the Democratic Republic of Congo.

China is the largest consumer of metals in the world at present and is looking for fresh sources. Minmetals Resources said that it was an excellent fit with the company’s strategy to focus on upstream base metal businesses. The Hong Kong listed company is controlled by a division of the state owned China Minmetals Corp. Minmetals is 71.5% owned by China Minmetals Non-ferrous which in turn is controlled by the China Minmetals Corp.

Perth based Anvil Mining has three mines in the Democratic Republic of Congo which is what the Chinese company is to gain. The Hong Kong based firm will pay Canadian $8 per share for Anvil Mining. The board of Anvil Mining has approved and recommended the offer.

Andrew Driscoll, head of resource research at CLSA Ltd said that it had been very clear that Minmetals has a mandate to make mining investment outside China. Copper looks to be at top of their shopping list and after they decided not to counter bid for Equinox earlier in the year...the market certainly been expecting them to launch another bid he said.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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