Chinese miner wins bid for Australian firm

Australian base-metals developer Herald Resources has accepted a joint buyout bid from China’s Shenzhen Zhongjin Lingnan Nonfemet Co and Indonesia’s PT Aneka Tambang, the Wall Street Journal reported. The companies’ US$449.1 million bid was higher than a rival bid from Calipso, a subsidiary of Indonesian firm PT Bumi Resources. Shenzhen Zhongjin will hold a 60% stake in the Australian company, and Aneka Tambang will hold the remaining 40%. The bid is the most recent in a series of international purchases by Chinese mining firms. Earlier this month, Chinese nickel miner Jinchuan Group bought a stake in Australia’s Fox Resources.