Takeover rumours are circulating today in relation to ASX mining stocks Emerald Resources NL (ASX: EMR) and Chalice Mining Ltd (ASX: CHN).
Emerald Resources shares are up 0.45% to $2.23 at the time of writing. In earlier trading, the ASX gold mining stock hit an intraday high of $2.28, up 2.7%.
Chalice Mining shares are down 1.81% to $5.70. In earlier trading, the ASX copper and nickel mining stock was up 1.9% to an intraday high of $5.91.
Let's dig deeper into this takeover buzz.
Chinese investors make offers on Emerald Resources assets
The Australian reports today that Chinese suitors are eyeing off Emerald's gold assets in Cambodia.
Emerald acquired the Cambodian mines via its off-market takeover of Renaissance Minerals in 2016.
The Okvau Gold Project is the most advanced project. In FY23, the mine produced 108,866 ounces of gold, which was at the midpoint of the company's guidance of 105,000 ounces to 110,000 ounces.
Last month, Emerald announced an off-market takeover of Bullseye Mining, which owns Western Australian mines the North Laverton Gold Project and the Southern Cross Gold Project.
Emerald Chairman Simon Lee described the deal as a "milestone" for the company, saying:
Capitalising on the combined gold mining and exploration assets in both Cambodia and Australia, Emerald is now poised to consolidate its position as a significant gold miner with an exciting future across two continents.
According to The Australian, Emerald is reluctant to sell its Cambodian assets.
In other news today, Emerald Resources has announced that Lee will step down as chair, effective immediately, but will stay as a non-executive director.
Lee was Emerald's inaugural chair in 2014.
Current non-executive director Jay Hughes is the new chair.
ASX mining stock Chalice Mining attracting buyers
The Australian also reports a number of buyers are interested in ASX mineral explorer Chalice Mining.
The company has interests in several mines in Western Australia and the Northern Territory.
Chalice Mining CEO Alex Dorsch has reportedly confirmed approaches from large-cap and mid-cap Australian miners.
The company began exploring a full or partial sale in April and the rumoured bid date is 21 August.
Dorsch is at the Diggers & Dealers Mining Forum in Kalgoorlie and delivered a speech yesterday.
He said "there is room for multiple partnerships", with offers coming in from Australian miners as well as car and battery manufacturers in North America, Japan, Korea, and Europe.
Copper is expected to be one of the dominant metals of the global decarbonisation trend.
Many ASX mining stocks are raising their investment in copper, including Rio Tinto Ltd (ASX: RIO).
The boss of global miner Ivanhoe Mines, Robert Friedland, predicts copper prices could rise tenfold amid a "train wreck" of stalling supply and growing demand.
Copper is one of very few commodities expected to rise over the next five years. The federal government forecasts the average copper price to rise from US$8,406 per tonne in FY23 to US$9,954 in FY28.
