Equinox Minerals buys Citadel

Australian copper miner Equinox Minerals yesterday agreed to buy Citadel Resource Group, the Melbourne-based company developing Saudi Arabia’s biggest copper deposit, for around A$1.23bn (£774m). The offer is one Equinox share for every 14.3 Citadel shares, plus A$0.105 per Citadel share in cash. Equinox shareholders will own about 81 per cent of the combined firm.