RESILIENT MEIA ENTERTAINMENT BENNY QUETELL

Thursday, October 4, 2012

China Private Equity Firm Bids for Discovery Metals


SYDNEY—In an unusually large bet by a Chinese private-equity firm in the resources sector, Shanghai-based Cathay Fortune Corp. has made an all-cash offer for Discovery Metals Ltd. DML.AU +3.44% that values the Botswana-focused copper miner at A$830 million (US$847.8 million).

 In a statement Thursday, Cathay Fortune said it has teamed up with China-Africa Development Fund to offer A$1.70 a share for Discovery Metals and has a commitment from China Development Bank for a credit line to help fund the bid. It also has regulatory approval from the National Development and Reform Commission, China's economic planning agency.

 Steep falls in commodity prices—largely as a result of weakening demand after China's economy slipped to its slowest rate since 2009—have driven down the stock prices of many mining companies. That has prompted speculation in the market that a new wave of deals may be on the cards to mirror acquisition activity in the aftermath of the financial crisis.

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