Antofagasta Offers $400 Million For Equatorial Mining

Chilean copper mining company Antofagasta has offered $400 million for Australia’s Equatorial Mining in its bid to take control of El Tesoro mine in the north of Chile. Antofagasta has run the mine since 1999 and owns a 61% stake in it; the balance being owned by the Australian company. Antofagasta decided to make the offer after rival mining company Quadra of Canada offered to buy Equatorial’s stake at the end of July.