BTR 0.00% 4.5¢ brightstar resources limited

mumbwa vs. corriente

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    This might give a flavour what Mumbwa could be worth sometimes in the future. Look also at the charts of BTR.AX and CTQ.TO. Mumbwa could turn into a similar story within the next 5 years.

    Chinese company buys copper-gold explorer Corriente for $679 million
    China's CRCC-Tongaan is to buy Corriente Resources which is exploring for copper and gold in Ecuador, with an offer valued at 14% premium to Corriente's Monday close

    Posted: Tuesday , 29 Dec 2009


    Metals explorer Corriente Resources Inc (CTQ.TO: Quote) said China's CRCC-Tongguan Investment Co Ltd agreed to buy all of its outstanding shares in a deal worth about C$679 million.

    CRCC-Tongguan Investment agreed to pay C$8.60 in cash for every Corriente share, or a 14 percent premium based on Monday's closing.

    CRCC-Tongguan Investment is jointly owned by Tongling Nonferrous Metals Group Holdings Co Ltd (000630.SZ: Quote) and China Railway Construction Corp (601186.SS: Quote) (1186.HK: Quote).

    Vancouver, British Columbia-based Corriente has agreed to pay a termination fee of C$20 million, if the deal, under certain circumstances, is not completed.

    Shares of Corriente closed at C$7.55 on Toronto Stock Exchange.

    ($1=1.042 Canadian Dollar)

    (Reporting by Anuradha Ramanathan in Bangalore; Editing by Jarshad Kakkrakandy)

    Thomson Reuters 2009 All rights reserved

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