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Zijin acquired 100% equity interest in Heilong Mining with cash consideration of RMB1.56122 billion
2016/06/08 623

Zijin Mining Group Co., Ltd.* (“Zijin”or the “Company”) entered into a share transfer agreement with the 3 shareholders of Heilong Mining Group Company Limited (“Heilong Mining”), namely Beijing Zhongrui Chuangxiang Investment Company Limited, Qinghai West Resources Company Limited and Qinghai West Rare and Precious Metals Company Limited (collectively the “Transferors”), and Hangzhou Nabel Group Company Limited, as the guarantor, on 3 June 2016. The Company will acquire 100% equity interest in Heilong Mining (after detaching certain assets pursuant to the Agreement) held by the Transferors with cash consideration of RMB1.56122 billion (the “Transaction”). The Company currently holds 51% equity interest in Duobaoshan Company. After the completion of the Transaction, the Company will hold 100% equity interest in Duobaoshan Company.

 

The transaction helps the Company integrate Heilongjiang Duobaoshan copper mine and its surrounding resources, implement the development plan, push forward large-scale development and raise the utilisation rate of the resources. It is beneficial for boosting the Company’s reserve of copper resources and it improves the Company’s competiveness and sustainability in the industry.