Monterrico: time to sell?

After suggesting last December there was not much of a premium on offer from the bidder that was stalking it, the management of would-be copper miner Monterrico Metals has finally agreed a 350p a share cash offer – more than 90p above the level the shares were trading at when that initial statement was made. The bidder turns out to be a Chinese company, Xiamen Zijin Tongguan.

However, the market has pushed the shares up to 368.5p on hopes that the appearance of one bidder will flush out another. That looks wishful thinking. The world’s big copper miners have had plenty of time to run the rule over Monterrico but none appears to be interested. In the circumstances, I think it is time to sell. The shares were tipped here in August last year at 280p.