Minmetals Fails in Equinox Bid

(Beijing) -- Minmetals Resources Ltd. (HKEX:1208) failed in its attempt to buy copper miner Equinox Minerals Ltd. after Barrick Gold Corp., the world's largest gold miner, bought it at a higher offer.

In a joint statement on April 25, the two said they have reached a deal under which Barrick will buy Equinox at C$ 7.32 billion (US$ 7.67 billion), more than C$ 1 billion higher than a hostile bid made by Minmetals Resources on April 4.