My thanks to reader "d" for the headsup. I would have missed the news otherwise as not paying attention to the market today.
Bloomberg reports that Tongling (with a little help from its railway friends) has finally got round to making an offer for Corriente Resources (CTQ.to)(ETQ), the guys with the big copper deposit at Mirador, Ecuador. The price at CAD$8.60 works out at U$8.23 via today's forex. The joint listed Corriente was trading at U$7.64 this morning before the news. Now it's halted. Here's the Bloomie note:
Bloomberg reports that Tongling (with a little help from its railway friends) has finally got round to making an offer for Corriente Resources (CTQ.to)(ETQ), the guys with the big copper deposit at Mirador, Ecuador. The price at CAD$8.60 works out at U$8.23 via today's forex. The joint listed Corriente was trading at U$7.64 this morning before the news. Now it's halted. Here's the Bloomie note:
Dec. 28 (Bloomberg) -- China Railway Construction Corp said it plans to jointly bid C$679 million for Corriente Resources Inc., a Canada-based junior mining company, with Tongling Nonferrous Metals Group Holdings Co. A joint venture company set up by the two Chinese companies plans to make an offer of C$8.60 per tradeable Corriente share, according to a statement filed to the Hong Kong stock exchange today.