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Tianqi, Chengtun acquiring 3% each in Xiamen Tungsten's lithium battery unit

Xiamen Tungsten Co. Ltd. said March 12 that Tianqi Lithium Corp. and Chengtun Mining Group Co. Ltd will each acquire a 3% stake in its lithium battery arm, Xiamen Tungsten New Energy Material Co. Ltd., at 8.82 Chinese yuan per share.

Tianqi and Chengtun will both inject 49.9 million yuan into Xiamen Tungsten New Energy.

The company also said another six investors, including Fujian Metallurgy Holding Co. Ltd., will be brought in to purchase Xiamen Tungsten New Energy's shares at 8.82 apiece.

As of March 11, US$1 was equivalent to 6.73 Chinese yuan.