Equinox frustrated by Minmetals delay

Company News

Equinox Minerals Ltd (ASX:EQN) says it doesn’t expect China’s Minmetals Resources to make its takeover offer formal for several weeks.

Equinox believes the announcement and its timing are opportunistic, with Minmetals seeking to frustrate Equinox’s offer for Lundin Mining.

Minmetals unveiled plans to launch its $US6.5 billion bid for Equinox on Monday.

China’s largest metals trading firm is said to be chasing the company’s copper assets in Zambia and Saudi Arabia.

In the 2010 financial year Equinox Minerals moved from a loss to a net profit of $265 million.

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