Minmetals confident amid DRC election chaos, extends Anvil takeover offer again
Anvil Mining, a copper producer in the Democratic Republic of Congo, announced Wednesday China's Minmetals Resources, has extended its offer for the company's shares for the second time, to January 11 next year.
MMG first offered to purchase Anvil Mining for C$8.00 per share in cash on October 19. Anvil closed Tuesday below the offer price at $7.06 on the TSX giving it a value of $1.1 billion.
Miningreview reported on Monday Anvil is at a sensitive stage in the DRC where it faces the twin issues of the presidential election and an audit of its lease agreement by state-owned Gecamines. Anvil currently pays 2.5% of gross turnover.
Reuters reported Tuesday results in the DRC election have been delayed for a further two days as returns have not been received from all polling stations. The delay adds to problems in a vote marred by violence, logistical problems and allegations of fraud.
Anvil has been mining in the DRC for almost a decade and the company is in the midst of a $400 million plant expansion at its Kinsevere mine to produce 60,000 tonnes of copper cathode per year.