Discovery Metals, which is copper producer at its 100 percent owned Boseto Copper Project in Maun is a Brisbane-based copper exploration and production company focused on the emerging Kalahari Copper belt in north-west Botswana. The company also has prospecting licences covering 11,872 km2 along the Kalahari Copperbelt. In a statement released yesterday, shanghai-based Cathay Fortune Corporation announced that it has teamed up with China-Africa Development Fund to offer P13, 40($1.74) a share for Discovery Metals and has a commitment from China Development Bank for a P4.6 billion or $600 million credit line to assist with funding for the take over bid.
Chinese billionaire Yu Yong founded Cathay Fortune and already owns a 13.7 percent stake in Discovery Metals."We look forward to engaging with the board of directors of Discovery Metals to progress our proposal," Yu said in the statement. Cathay is "enthusiastic" about working with the board to develop and provide funding for the Boseto copper project, it said.
