The prospective owners of KAZ Minerals have increased their offer to buy the copper miner to $3.7 billion in their effort to take the London Stock Exchange-listed entity private, Fastmarkets understands.
The rise in the consortium's offer comes at a time when the London Metal Exchange copper price has increased by nearly $1,000 per tonne since the first bid for the company was made, together with the need for a 'capital intensive strategy' to develop the Baimskaya project in Russia.Nova Resources' current chairman Oleg Novachuk is leading the consortium and Vladimir Kim, Kazakhstan's richest man, increased their offer on Thursday to $7.80 ($10.29) per share, after some of KAZ Mineral's minority shareholders rejected the initial offer of ?6.40...