China’sfascinationwithresource-richAfrica’streasureknowsnobounds. Ifthemetalisred, somuchthebetter: Chinaistheworld’sbiggestconsumerofcopper. LastweekDiscoveryMetals, whosemainassetisacoppermineinBotswana, brushedoffaUS$850mofferfromprivateequitygroupCathayFortune. TheAustralianexplorationcompanywiselyleftthedooropenforahigheroffer. ItmustrecallthegenerosityofMinmetalsResources, whichpaidC$1.3bninFebruaryforToronto-listedAnvilMining, aminerinDemocraticRepublicofCongo.
中国对于坐拥丰富资源的非洲矿企的痴迷没有止境。如果那种金属是红色的，那就更好了：中国是全球第一大铜消费国。上周，非洲铜矿商DiscoveryMetals拒绝了中国私人股本集团鸿商产业控股(CathayFortune)发出的金额高达8.5亿美元的收购要约。DiscoveryMetals是一家在澳大利亚上市的矿企，主要资产是一处位于博茨瓦纳(Botswana)的铜矿，它明智地为更高的出价留下了机会。该公司一定是想起了出手阔绰的五矿资源(MinmetalsResources)，后者于今年2月为收购在刚果(Congo)拥有矿产的多伦多上市铜矿企业Anvil支付了13亿加元。
Copperhasrecoveredfromitsmidyearfunktotradearound $8,100 atonne. Onereasonforthisresiliencewhendemandissubduedisthatliquidstocksofthemetalhitahistoriclow (putat 2.6 weeksofconsumption, byIntierraRMG) inthethirdquarter. Butcopper’spriceisnotjustabetonChinesedemand – ormonetaryeasingprogrammes.