China's Cathay Fortune Corp and China-Africa Development Fund have made a takeover offer to acquire all shares in Australia's Discovery Metals for A$829.60 million ($851.50 million), the company said Friday.
The offer price assumes 488 million fully diluted Discovery Metals shares, not currently held by the bidders at A$1.70/share.
The company said its board was currently evaluating the indicative proposal.
Discovery focuses on the emerging Kalahari copper belt in northwest Botswana with commercial output of 50,000 mt/year that is scheduled to start in 2014.
Cathay Fortune is a Chinese private equity company that has investments in about 14 firms in different sectors in China, including molybdenum and tungsten.
