S.Africa, Zambia approve Jinchuan takeover of Metorex
South African and Zambian competition authorities have approved China's Jinchuan Group's $1.1 billion takeover of copper miner Metorex, the companies said in a statement Tuesday.
Jinchuan in July offered 9.1 billion rands ($1.1 billion, 835.5 million euros) for Metorex, topping an offer from Brazilian mining giant Vale for 7.5 billion rands.
"Metorex and Jinchuan are pleased to announce that the South African Competition Commission and the Zambian Competition and Consumer Protection Commission each approved the scheme," the companies said.
The deal still needs approval from Zambia's Finance Ministry and Chinese authorities, the statement said.
Metorex owns major copper mines in Zambia and the Democratic Republic of Congo. The firm is listed on the Johannesburg Stock Exchange.
© 2011 AFP