Equinox Minerals said on Thursday that Minmetals Resources' C$6.3 billion ($6.57 billion) bid undervalued the company and was still a long way from being a formal offer. 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. "We consider that the lowball price announced by MMR significantly understates our value and disregards the potential of this company, especially in light of the continuing strength in copper prices," said Equinox Chairman Peter Tomsett in a statement.
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