Canadian gold giant, Barrick Gold has placed a bid worth about US$ 7.7 billion cash to takeover Equinox Minerals, the owner of Lumwana Mine in Solwezi.

Equinox Board said in a press release that they agree to the takeover by Barrick. Another bidder seen was the Chinese mining firm Minmetals Resources, which is among the biggest ever copper mine takeover company, who earlier in the month made an unsolicited offer of US$6.5 billion.

According to this takeover deal, Barrick Gold will be now holding the charge of Lumwana Mine, the foundation on which Equinox was built and one of the biggest single copper mine in the world and one more mine in Saudi Arabia, which has the biggest copper deposits in that country.

"Equinox Minerals Limited announces today that it has entered into an agreement with Barrick Gold Corporation in which Barrick has agreed to make an offer to purchase all outstanding common shares of Equinox in a takeover at a price of 8.15 Canadian dollars per share in cash", Equinox Chief Executive Officer, Craig Williams said.

The statement further revealed that MinMetals announced about its takeover on Equinox on April 3 this year and also, there was mentioned in the statement that it wanted to take over Equinox for 7.00 Canadian dollars per share, post which the company started receiving several enquiries including one from Barrick’s.