Discovery Metals Chinese ex-suitor says won’t back finance plan

Discovery Metals’ top shareholder and former suitor, Chinese firm Cathay Fortune, said on Monday it would not support the Africa-focused copper producer’s plan to shore up its funding.

Cathay Fortune, a private equity firm founded by Chinese billionaire Yu Yong, working with the China-Africa Development Fund, scrapped an A$824 million (HK$6.6 billion) bid for Discovery Metals in February over concerns about the target’s key copper project in Botswana.

But it remains Discovery’s top shareholder, with a 13.7 per cent stake, according to Thomson Reuters data.

via Business feed http://www.scmp.com/business/commodities/article/1220516/discovery-metals-chinese-ex-suitor-says-wont-back-finance-plan