Equinox Minerals has recommended shareholders accept a C$7.3 billion (A$7.1 billion) takeover offer from Barrick Gold Corporation, which trumps an earlier offer from China's Minmetals Resources.
Barrick has pitched its takeover offer at C$8.15 cash per share, compared with the Minmetals offer of C$7.00 per share.
Under the terms of a 'support agreement' with Barrick, Equinox has agreed to withdraw or terminate its C$4.8 billion takeover offer for Canada's Lundin Mining.
The takeover caps an 18-year journey for Equinox chief executive Craig Williams, who established the company in Perth.
The company's main asset is the Lumwama copper mine in Zambia and a majority stake in the Jabal Sayid copper-gold project in Saudi Arabia.
Its main listing is on the Toronto Stock Exchange but it also maintains a listing on the Australian Securities Exchange.
"I founded this company 18 years ago, along with the late Dr Bruce Nisbet, with a vision of creating a world-class copper company," Mr Williams said in a statement.
"We have come a long way since that time and I am pleased to say we ave exceeded my expectations in ceating a leading copper growth company.
"The offer by Barrick reflects the value created through this success and is an attractive opportunity for Equinox shareholders to realise a significant premium for their shares in an all-cash deal at a time of historically strong copper prices."
