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Minmetals May Seek to Top Xstrat Bid for Sphere , Financial Review Reports

Copper Rises to Four-Month High as Manufacturing Expands in China, U.S.

BEIJING, Sep. 2 -- China Minmetals Corp., the nation&rsquo;s largest metals trader, may seek to top Xstrata Plc&rsquo;s A$428 million ($389 million) agreed bid for iron ore developer Sphere Minerals Ltd., the Australian Financial Review reported, citing market talk.
Minerals &amp; Metals Group, the company&rsquo;s Australian unit, and its parent China Minmetals Nonferrous Metals Co. &ldquo;knows nothing about&rdquo; the bid, Melbourne-based spokesman Bruce Loveday said by telephone today. &ldquo;That&rsquo;s not to say the ferrous side of the business may, or may not be involved,&rdquo; he said.
China Minmetals Corp. last year agreed to spend $1.39 billion to acquire zinc, copper, gold and nickel assets from OZ Minerals Ltd. Xstrata has offered A$2.50 a share, Perth-based Sphere said Aug. 24, recommending the bid to its shareholders. Sphere has three iron ore projects in Mauritania, West Africa, including half of the $1.65 billion Guelb el Aouj development.
Warrick Hazeldine, a Perth-based spokesman for Sphere wasn&rsquo;t immediately available for comment.
China Minmetals was in April reported to be studying iron ore projects in Mauritania, the newspaper reported in its Street Talk column today, without saying where it got the information.
Sphere shares rose 3.6 percent to A$2.59 at 10:09 a.m. Sydney time on the Australian stock exchange. 
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China’s Domestic EMM Prices Slip Slightly On Downward Track

Minmetals May Seek to Top Xstrat Bid for Sphere , Financial Review Reports_SMM | Shanghai Nonferrous Metals

SMM Morning Comments (Sep 22): Shanghai base metals were mostly lower following overnight dollar bounce-back 

SMM Morning Comments (Sep 23): Shanghai base metals fell broadly on coronavirus concerns

SMM Evening Comments (Sep 21): Shanghai nonferrous metals closed mostly higher, nickel fell 1.99%

SMM Morning Comments (Sep 25): Shanghai base metals were mostly lower on COVID-19 concerns and disappointing US jobless data 

Zinc concentrate treatment charges decreased MoM with the tight supply