UK-based copper miner, Antofagasta PLC, has declared its recent takeover bid for Equatorial Mining unconditional. According to Antofagasta, its subsidiary company, Sierra Gorda Copper has now gained a 97% interest in Equatorial, following the completion of a deal with Australia's AMP to acquire a 19.99% block of stock, together with other acceptances received under the offer.

Thus, the final conditions of the offer have been satisfied and accordingly the takeover is now unconditional, the company has stated. Now Antofagasta intends to acquire compulsorily any outstanding Equatorial stock in accordance with Australian Stock Exchange regulations. (Equatorial was quoted on the ASE and is registered in Australia).

Meanwhile, Quadra Mining's President and Chief Executive Officer, Paul Blythe has said, "After careful consideration of our options, we have decided not to increase the consideration payable under our bid for Equatorial. Although we are disappointed that this transaction will not proceed, we continue to look for opportunities to deliver strategic value in other areas."

Quadra had previously entered an agreement with AMP to purchase the stock subsequently sold to Antofagasta. Subsequently, Antofagasta submitted its higher offer. As Quadra did not match this higher offer, AMP exercised its right to terminate the agreement. As a result, AMP must pay to Quadra a cancellation fee of approximately Aus $31.9 million (approximately US$24 million) following receipt of funds from Antofagasta.

The acquisition of Equatorial has provided Antofagasta with full ownership of the El Tesoro copper mine in Chile and will consolidate its land position in the Sierra Gorda district, where its other interests include the Esperanza project.