Hunan Nonferrous takes stake in Australian miner
(Xinhua)
Updated: 2006-10-04 08:55
Hunan Nonferrous Metals Corporation Ltd, one of China's leading nonferrous
metals companies, has become the second largest stockholder of the Compass
Resources NL, an Australian mining company.
The two have signed contracts to let the Hunan Nonferrous Metals hold 9.73
percent of the Compass stocks, 0.16 percentage points less than those of the
largest stockholder, with a cost of 30 million Australian dollars (23.6 million
U.S. dollars), the Hunan Daily, a newspaper based in Central China's Hunan
Province, reported.
The transaction of stocks were completed on August 1, said the newspaper.
The two companies will together explore and exploit mineral resources of
which the Compass Resources NL have the mining right, according to the report.
Listed in Australia, the Compass Resources NL has mining rights in the
country's Northern Territory and New South Wales states. 84.2 million tons of
ores have been detected in its possession.
Ranking among the five largest enterprises in China's nonferrous metals
industry, the Hunan Nonferrous Metals Corporation Ltd. was listed on the Hong
Kong stock exchange market this March, with its stock value rising over 50
percent on the day of initial public offering.
The cooperation has been listed by Australia as a national major project of
cooperation with foreign countries. (For more biz stories, please visit Industry Updates)
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