Mining for update in the Congo Sarah Thompson, Christine Lacy and Stephen Shore 24 November 2011 Source: Australian Financial Review (Abstracts)
With no update on talks with the Democratic Republic of Congo government, China’s Minmetals Resources has extended its $C1.33 billion bid for copper miner Anvil Mining until December 9. Gecamines, the DRC’s state-owned mining company, sowed seeds of doubt over the bid in October when it said that a takeover would trigger a lease review for Anvil’s flagship Kinsevere mine. Yesterday, Anvil’s Australian and Canadian shares closed down. Another group finding that African governments can hold back deals is Hanlong Mining. Hanlong is waiting on most approvals needed from the Congolese and Cameroon governments before it can move forward with its $1.65 billion takeover of iron ore miner Sundance Resources, which is developing the Mbalam iron ore project.
AVM Price at posting:
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