China’s fascination with resource-rich Africa’s treasure knows no bounds. If the metal is red, so much the better: China is the world’s biggest consumer of copper. Last week Discovery Metals, whose main asset is a copper mine in Botswana, brushed off a US$850m offer from private equity group Cathay Fortune. The Australian exploration company wisely left the door open for a higher offer. It must recall the generosity of Minmetals Resources, which paid C$1.3bn in February for Toronto-listed Anvil Mining, a miner in Democratic Republic of Congo.
中国对于坐拥丰富资源的非洲矿企的痴迷没有止境。如果那种金属是红色的,那就更好了:中国是全球第一大铜消费国。上周,非洲铜矿商Discovery Metals拒绝了中国私人股本集团鸿商产业控股(Cathay Fortune)发出的金额高达8.5亿美元的收购要约。Discovery Metals是一家在澳大利亚上市的矿企,主要资产是一处位于博茨瓦纳(Botswana)的铜矿,它明智地为更高的出价留下了机会。该公司一定是想起了出手阔绰的五矿资源(Minmetals Resources),后者于今年2月为收购在刚果(Congo)拥有矿产的多伦多上市铜矿企业Anvil支付了13亿加元。
Copper has recovered from its midyear funk to trade around $8,100 a tonne. One reason for this resilience when demand is subdued is that liquid stocks of the metal hit a historic low (put at 2.6 weeks of consumption, by IntierraRMG) in the third quarter. But copper’s price is not just a bet on Chinese demand – or monetary easing programmes.
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