Canada’s Barrick Gold, said on Monday it had struck a deal to buy Equinox for $7 billion, well above the $6 billion Minmetals offered earlier this month.
Minmetals’ bid for Equinox would have seen the biggest Chinese takeover of an Australian resources firm and could have created the 14th largest copper producer in the world.
Copper mining hits record price
Copper hit a record high of above $US10,000 a tonne in February.
Minmetals’ initial bid was the latest move by a Chinese state-owned firm to get a foothold in Australia’s mining sector as the Asian powerhouse looks to tap the continent’s huge natural deposits to feed its ever-growing economy.
Debate over Chinese control of resources
However, Beijing’s interest in its mining firms has sparked intense debate in Australia over whether to allow Chinese state-owned entities to increase their control over the country’s resources.
Commodity prices have hit record highs over the past few months, fuelled by heavy demand from economic powers China and India and sparking a series of mergers and acquisitions in the industry.
Barrick Gold is one of the major mining companies targeted in the placement program after completion of the underground work ready course. Read more about the work ready course and how it can help you get a start in the mines