Equinox Minerals said a $6.6 billion bid from China's Minmetals Resources was too low, leaving the door open to a rival offer as miners vie for access to valuable copper deposits. Speaking after the rejection, a Minmetals spokeswoman said the offer was compelling and the response from Equinox was "predictable." China, which accounts for 40 percent of the world's demand for copper, is on a mining acquisition spree and is chasing Equinox's copper assets in Zambia and Saudi Arabia as prices for the red metal hover near record highs.
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