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CRCC, Tongling Nonferrous Renew Offer to Buy Corriente
BEIJING, Mar. 26 -- China Railway Construction Corp Ltd, the second-largest state-owned construction company in the country, and the nation's largest copper smelter, Tongling Nonferrous Metals Group Holdings Corp, today announced that they have extended the deadline for the offer to buy Canadian miner Corriente Resources Inc, sources reported.
The two companies said in a statement that the deadline for the deal was pushed from today to Apr. 29, 2010.
Last year, CRCC and Tongling Nonferrous said that they would buy Corriente for US$668 million.
The two companies intend to acquire all the outstanding shares of the Canadian miner for C$8.60 per share.
Reportedly, the Vancouver-based company deals in copper, gold, silver and molybdenum and other ores. After the acquisition, the two Chinese companies will get exploration rights in 17 mining blocks in Ecuador, which has proven copper ore reserves totaling 11.54 million tons.
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