Jinchuan set to take over Metorex after Vale bid withdrawn

Jinchuan Group seems set to take over the South Africa-based copper and cobalt miner Metorex after Brazilian mining giant Vale (VALE.NYSE, VALE.Euronext, XVALO.BMAD) decided to end its bid for the company, Bloomberg reported. Vale announced on Monday that the deal would be terminated because it would not revise its offer to top that of Jinchuan, which made a 21% higher bid for the firm than Vale. Metorex, which controls almost five million tons of African copper resources, will pay Vale a US$11 million break-up fee. “Vale plans to grow in copper, but not at any price,” said Marcos Assumpcao, an analyst with Unibanco Holding (part of Itau Unibanco, ITUB.NYSE). Jinchuan has purchased a series of mining firms over the past year, including two Canada-based miners, Continental Minerals and Crowflight Minerals.