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DJ Zijin Mining To Acquire 37.5% Of Base Metal Miner For CNY105M

Posted on: Mon, 16 Nov 2009 04:53:00 EST

Symbols: ZIJMF

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HONG KONG, Nov 16, 2009 (Dow Jones Commodities News via Comtex) --
ZIJMF | Quote | Chart | News | PowerRating -- Zijin Mining Group Co. (2899.HK), a Chinese gold and copper miner, said Monday it plans to acquire an additional 37.5% stake in a Chinese base metal miner and processor for CNY105 million.

Zijin said in a statement its stake in the miner, Wancheng Commercial Dongshengmiao Co., will increase to 47.5% from 10% after it purchases shares in the company from three other firms. It said it will acquire a 15% stake from Gansu Jinhui Wine Group Co., 12.5% from Gansu Yate Investment Group Co., and a 10% stake from Hainan Baohui Investment Co.

Hainan Qianjinda Investment Co. will remain the biggest shareholder in Wancheng Commercial with the remaining 52.5% stake, Zijin said.

Wancheng Commercial mines and processes zinc, lead, sulfur, and copper. Zijin said the increased investment will complement its zinc refinery facilities in Inner Mongolia.

-By Jackie Cheung, Dow Jones Newswires; 852-2802-7002; jackie.cheung@dowjones.com

(END) Dow Jones Newswires

11-16-09 0453ET

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