China's Minmetals Resources bowed out of the battle for copper miner Equinox Minerals on Tuesday, saying Barrick Gold Corp's C$7.3 billion ($7.7 billion) bid was too rich to justify a counter-offer. Canada's Barrick , the world's largest gold miner, announced its agreed deal for Equinox on Monday, seeking to tap surging demand from China and other developing economies that has pushed copper prices up more than sevenfold in the past eight years. Minmetals, a government-backed unit of China's largest metals trader, said in a statement it would not top Barrick's offer and would seek other opportunities. While China's outbound acquisition machine has gained in strength, Beijing follows a strict and price sensitive policy when it comes to doing deals.
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