TAKEOVER: Minmetals withdraws Equinox offer

HONG KONG - Minmetals Resources Ltd. (MMR), a subsidiary of China Minmetals,  announced today that it is withdrawing its offer to acquire Equinox Minerals.

"MMR made a very detailed assessment of the value of Equinox under a range of assumptions and, while we still consider the Equinox assets provide a good fit with MMR's strategy, the price offered by Barrick is above our most optimistic assessment of value", said Andrew Michelmore, CEO of MMR.