Feb. 7, 2007 (China Knowledge) – A consortium led by China's biggest gold miner, Zijin Mining Group Co. <2899>, has made a US$185.4 million offer for British copper miner Monterrico Metals PLC, in what may become China's first outright takeover of an overseas listed company.

The proposed acquisition, announced earlier this week by both parties, will be the latest purchase of mining assets by Chinese companies, as part of China’s desire to diversify supplies of strategically important resources. The nation imports about 70% of all the copper it uses and is seeking more suppliers from overseas.

Zijin holds a 45% share in the consortium, with Chinese copper miner Tongling taking 35% and Xiamen C & D, a trading and real estate conglomerate, holding 20%, Zijin said in a statement to the Hong Kong Stock Exchange.

Zijin announced last week that it is planning an initial public offering in Shanghai to raise funds for further expansion.