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Zijin Mining Purchases ld Mine in Australia
2013/04/22 8189

From ChinaScope Financial

Zijin Mining Group Co., Ltd. (02899: HKG; 601899: SHA) announced that on April 17, 2013, its Australia-based subsidiary Norton ld Fields Ltd. (Norton) had signed transaction agreements with Kalorlie Mining Co., Ltd. (KMC), an Australian mining company, to acquire all the total issued shares of KMC via a friendly off-market takeover offer. Every share of KMC will be swapped for 0.054 share of Norton and 0.054 option of Norton.

At the same time, Norton plans to propose an option offer to acquire all of the listed options to subscribe for the shares of KMC.

Norton believes that after the transactions, its ld output will increase and the production costs will decrease.