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ZIJIN MINING Splurges RMB13.7B+ to Add Stake in Zangge Mining to 25%
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ZIJIN MINING (02899.HK) announced that its wholly-owned subsidiary, Zijin International Holdings, intends to acquire 392 million shares of Zangge Mining (000408.SZ), representing 24.82% of its share capital, at a consideration of RMB35 per share, for a total transaction amount of RMB13.729 billion. The core assets of Zangge Mining include 100% interest in the Qarhan Salar project in Qinghai, 70% interest in the Pakngum Potash Mine project and the Xaythany District Potash Mine project in Vientiane, Laos, 24.01% interest in the Mami Tso Salar in Tibet, 21.09% interest in the Lungmu Tso Salar and the Kyetse Tsakha Salar in Tibet, and 30.78% interest in the Julong Copper Mine in Tibet. Besides, Zangge Mining is the second largest potash fertilizer producer in China. The Qarhan Salar project is constructed with a potassium chloride production capacity of 2 million tonnes/year. In recent years, the actual production capacity is approximately 1.1 million tonnes/year. The future growth of the potash segment will mainly come from the planned 2 million tonnes/year potash projects in Laos. Zangge Mining relies on the significant volume of lithium resources of the Qarhan Salar to develop and produce lithium carbonate resources through extraction of lithium from brine. At present, it has developed an annual battery-grade lithium carbonate production capacity of 10 thousand tonnes. AAStocks Financial News |
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