China’s Zijin Mining in talks to purchase controlling stake in Zangge Mining

(Reuters) -China’s Zijin Mining stated on Friday it was in talks with Zangge Mining’s high two shareholders to purchase a possible controlling stake within the firm.

Zijin is in talks with Tibet Zangge Enterprise Capital and Ningbo Meishan Bonded Port Space Xinsha Hongyun Funding Administration, which collectively personal about 40% stake within the 46.63 billion yuan ($6.36 billion) miner, in accordance with LSEG information.

The potential deal would permit Zijin to consolidate its possession over the Julong copper challenge in Tibet, its three way partnership with Zangge.

Final 12 months, Zijin had received authorities approval to broaden the Julong mine’s output to about 350,000 metric tons per day, making it the most important single copper mine in China.

The talks additional underline Zijin’s makes an attempt to money in on rising demand for battery metals, because it prepares to start out manufacturing at its first lithium exploration challenge within the Democratic Republic of Congo subsequent 12 months.

($1 = 7.3319 Chinese language yuan)