China's Guangdong Rising Assets Management [GDRAM.UL] launched a fresh $850 million bid to buy copper and gold miner PanAust Ltd (PNA.AX), but priced its offer at a quarter less than 10 months ago, underscoring the rout in mineral commodities.

Analysts said the renewed bid demonstrated an ongoing appetite among Asian enterprises to take full ownership of Australian-listed assets, rather than buy into passive partnership roles.

"We are seeing the Chinese take an active role in the Australian sector, particularly in resources," said Gavin Wendt, a analyst for Sydney-based MineLife. "These represent long-term investments."

Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings Ltd (CKI) (1038.HK) bought gas pipeline company Envestra Ltd for A$2.2 billion last year, while Chinese investors have also been active in property markets.

PanAust said on Monday it had received a letter from 22.5 percent shareholder Guangdong saying it plans to offer to buy all remaining shares at A$1.71 each, valuing PanAust at A$1.1 billion ($852 million). The offer would be 26 percent below the A$2.30 a share it offered last May.

PanAust shares, which have fallen in line with weaker copper and gold prices, jumped 40 percent to match the latest offer price, a four-month high for the stock.

State-owned Guangdong first approached PanAust last April and then sweetened its offer in May.

PanAust, which rejected the May bid as too low, said it would consider the fresh approach but noted it was made at a time when PanAust's stock and copper CMCU3 and gold prices are near 5-year lows.

PanAust mines copper in Laos and paid $125 million in late 2013 for the rights to the Frieda River copper project in Papua New Guinea. It cut 5 percent of its workforce in January as copper traded around its lowest level in half a decade.

Guangdong urged shareholders to accept the all-cash offer, warning that PanAust may need to raise additional capital to get the Frieda River project into production, potentially sending its shares lower.

Analysts expect PanAust to spend between $1.5 billion and $1.8 billion to develop a mine producing 100,000 tonnes of copper annually from Frieda River and 160,000 ounces of gold.

"Given the time that's elapsed since the last bid and the fact its coming from a Chinese enterprise, it's unlikely PanAust will see another offer coming out of the woods," said MineLife's Wendt.

PanAust said it is being advised by Rothschild and Herbert Smith Freehills in relation to the third Guangdong approach.