Vale waives bid for Jinchuan's $1.3 billion acquisition of South African mining company

The decision of Vale, the world's largest mining company, to withdraw from the bid has allowed Jinchuan Group to acquire a second-in-a-city acquisition overseas, and will acquire it at a cost of nearly US$ 1.32 billion, which is nearly 22% higher than its competitors.

Yesterday, Vale issued a statement saying that the company decided to abandon its bid for South Africa’s Metorex Mining Co., Ltd. because Jinchuan Group put forward a higher bid for the latter.

On April 8th, Vale had signed an equity purchase agreement with Metorex to acquire the latter at a price of 7.35 rand per share. However, this transaction was “instigated” by Jinchuan Group, which was proposed by Jinchuan Group last week. The bid of 8.90 rand per share was nearly 22% higher than Vale's offer.

In the end, Vale chose to withdraw from the bid. This also means that Jinchuan Group’s bid for Metorex will become an actual implementation plan.

Metorex is a South African listed mining company with copper and cobalt resources in ** Congo and Zambia and underground copper in Chibuluma, Zambia. According to data released by the company in April this year, its copper reserves are about 4.74 million tons. At present, Metorex’s Zambian resources are rare high-quality copper assets, but its deposits in the Congo require additional investment from the buyer before it can be put into production. Therefore, there is uncertainty.

Metorex stated that it has not yet approved any agreements related to Jinchuan's quotation, but the two companies stated in a joint statement that they have received support from some of the company’s shareholders and accounted for 8% of Metorex’s voting rights.

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