China firm makes cheaper fresh bid for Aussie miner PanAust

Sydney

CHINA'S Guangdong Rising Assets Management launched a fresh US$850 million bid to buy copper and gold miner PanAust Ltd, but priced its offer at a quarter less than 10 months ago, underscoring the rout in mineral commodities.

Analysts said the renewed bid demonstrated an ongoing appetite among Asian enterprises to take full ownership of Australian-listed assets, rather than buy into passive partnership roles.

"We are seeing the Chinese take an active role in the Australian sector, particularly in resources," said Gavin Wendt, a analyst for Sydney-based MineLife. "These represent long-term investments." Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings (CKI) bought gas pipeline company Envestra Ltd for A$2.2 billion (S$2.32 bil…