With a cashed up Rio Tinto in an acquisitive mood it's no surprise that analysts are falling over themselves to point out where the mining giant may decide to pounce. The latest target on that front is Africa-focused copper player Equinox Minerals. According to Royal Bank of Scotland analyst Lyndon Fagan, Equinox, which operates in Zambia through its Lumwana mine is a good fit for Rio as a pure copper play. In fact there is a distinctively African feel to all of the targets touted for Rio at the moment. Apart from Equinox there is also talk that Rio may use its strong balance sheet to boost its 20 per cent stake in Namibian-based uranium producer Extract Resources and Paladin Energy could also be a good target.
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