Reuters - Cathay Fortune Proposes New Bid for Discovery Metals

Chinese firm Cathay Fortune Corp, the top shareholder and a former suitor of Australia's Discovery Metals Ltd, has proposed a fresh offer to buy the copper miner as long as Discovery halts a planned equity raising, writes Reuters. The private equity firm founded by Chinese billionaire Yu Yong is targeting Discovery for its Boseto project in Botswana, which is within the Kalahari copper belt region that has attracted billions of dollars in takeovers in the past two years.

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