Minmetals Resources (1208.HK), a unit of the China's biggest metals trading company, faces a challenge to find a suitable bid target after it was outgunned in the race to buy miner Equinox (EQN.TO). Minmetals on Tuesday pulled its bid for Equinox, an opportunity to tap the rich Zambian copper belt, after Barrick Gold Corp (ABX.TO), the world's largest gold miner, topped it with a C$7.3 billion ($7.7 billion) offer. Analysts and bankers said on Wednesday that while Minmetals executives may earn credit for not overpaying for a deal, they will now be back at the drawing board eyeing limited alternatives. China, which accounts for 40 percent of the world's demand for copper, is chasing mining assets as prices for the red metal hover near record highs.
Shares of ABX remained unchanged at $50.19. In the past year, the shares have traded as low as $39.67 and as high as $55.74. On average, 8794760 shares of ABX exchange hands on a given day and today's volume is recorded at 29828.
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