Murchison favoured by Rio for Neves Corvo stake

MURCHISON United has climbed almost 6.5% to a record high of $1.65 after the Perth-based company announced Rio Tinto has chosen it as the preferred bidder for its 49% stake in Western Europe's biggest copper mine.

Murchison, Australia's best performing mining company this year, said it is working with an unnamed multinational metals group to bid for the stake in Sociedade Mineira de Neves Corvo, operator of the

  • FREE coverage on the rapidly developing coronavirus pandemic. Visit our COVID-19 hub.
  • Latest COVID-19 Coverage: Copper deficit story dead: CRU. Read more.
  • Latest COVID-19 Coverage: Majors cautious over recovery. Read more.