SHANGHAI (AP) - China's Minmetals Resources says it is withdrawing its offer to buy Equinox Minerals Ltd. after its bid was bested by a higher offer by mining company Barrick Gold Corp.
Andrew Michelmore, CEO of the Hong Kong unit of China's largest metals trader, said in a statement to the Hong Kong Stock Exchange that Barrick's $7.7 billion offer for Equinox was "above our most optimistic assessment of value" for the company.
The prize asset held by Equinox is the Lumwana copper mine in Zambia. China has been seeking to expand its access to such strategic resources in Africa and elsewhere overseas.