Chinese firm Minmetals Resources has entered into a binding agreement to acquire all common shares of Anvil Mining for a total value of $1.28bn.

The company has offered a price of C$8 (US$7.7) per share of Anvil Mining, under the terms of the agreement.

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Minmetals will receive a termination fee of C$53m (US$51m), if the acquisition in not completed under the specified circumstances.

Minmetals has also agreed to pay a reverse break-fee of C$20m (US$19.3m) to Anvil, if it does not secure
share holder approval within 80 days of the commencement of the offer.

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