chinese-consortium-bids-for-monterrico

Chinese consortium bids for Monterrico

ChinaÆs Zijin leads a consortium that wants to buy AIM-listed Monterrico for $186 million, with development rights for copper mines in Peru driving the deal.

By Sameera Anand

February 05, 2007

The Zijin consortium, a group of Chinese companies led by Zijin, is in a deal to takeover Montericco Metals, valuing the equity of the company at ú94.6 million $186 million. Analysts believe the offer under-values the company and expect a competing bid to be tabled.

MonterricoÆs main asset is development rights for the Rio Blanco copper-molybdenum project in northern Peru, a significant-scale copper development. It is forecast that by 2010 a planned greenfield facility will be producing 220,000 tonnes of copper concentrate and 2,500 tonnes of a separate molybdenum concentrate. Under consideration is a subsequent expansion of 50 million tonnes of ore per annum from year four. Monterrico also has other base and precious...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222