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Cathay Fortune makes bid for Discovery Metals

November 2012 - Cathay Fortune Corp., a Shanghai-based private equity firm, offered Discovery Metals Ltd., Brisbane, Australia, 1.70 Australian dollars per share in cash for stock in the copper producer with mines in Botswana. Discovery Metals rebuffed the offer, calling it inadequate, and discussions continue. A drop in commodity prices has given Chinese companies such as Cathay a renewed takeover interest in the mining sector.

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