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BEIJING(Scrap Monster): To acquire all shares in Australia's Discovery Metals, a takeover offer of A$829.60 million has been made by China's Cathay Fortune Corp and China-Africa Development Fund.

Chinese private equity company Cathay Fortune has investments in about 14 firms in different sectors in China, including molybdenum and tungsten has gone public with a non-binding A$829.60 million cash offer to buy Botswana-focused copper miner Discovery Metals.

The Australian company's 75% controlling stake will be owned by Cathay as per the deal. Currently the company owns 13.7% interest in Discovery. China-Africa Development Fund will own the rest 25% stake in Discovery .

The indicative proposal is being evaluated by the company’s board and the offer price assumes 488 million fully diluted Discovery Metals shares which is not currently held by the bidders at A$1.70/share.

Northwest Bostwanaian copper-silver mine with a production capacity of 36,000 metric tons of copper and 1.1 million ounces of silver a year will also be owned by Cathay through the acquisition.

It is expected that China Development Bank will fund for an all cash payment to Cathay with a $600m loan.