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Article: China Minmetals makes $1.7 bln bid for Oz Minerals
- Article from:
- AP Worldstream
- Article date:
- February 16, 2009
- Author:
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Chinese metals and minerals trader and producer China Minmetals Nonferrous Metals Co. has offered to buy debt-laden Australian miner Oz Minerals for 2.6 billion Australian dollars ($1.7 billion), the companies said Monday.
Coming just days after Aluminum Corp. of China said it will invest $19.5 billion in Rio Tinto Group, easing the Anglo-Australian miner's heavy debt burden, the offer underscores China's determination to clinch access to offshore mining resources.
Despite its own economic troubles, Beijing is finding the global downturn an apt opportunity for its cash-rich state companies to snap up foreign energy and resource companies at bargain prices.
Oz Minerals' ...