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Johannesburg - South Africa and Zambia have approved the $1.1bn bid by China's Jinchuan Group for copper and copper producer Metorex [JSE:MTX], clearing the way for the deal to be finished by November.
Metorex said in a statement on Tuesday that South Africa's
Competition Commission and Zambia's Competition and Consumer Protection
Commission have both approved the deal.
Jinchuan in July offered R9.1bn for the company, trumping an
earlier bid by Brazilian giant Vale SA.
The deal was subject to regulatory approvals in South Africa, China, Zambia and the Democratic Republic of Congo (DRC).
The company also said it received consent from Zambia's ZCCM Investments Holdings and DRC’s Gecamines, who have shares in the company's operations.
Metorex said it had yet to get approval from Zambia's
Ministry of Finance and Chinese authorities on the deal, but said it expected
the deal to close in November.
The company’s shares were up 1.4% to R7.91 as of 09:34 GMT,
compared with a 1.8% fall in the broader All Share [JSE:J203] index .
The miner will be delisted from the Johannesburg Stock Exchange after the deal is completed.
