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Jiangxi Copper to acquire 65% stake in Shandong-based producer for 325M yuan

Jiangxi Copper Co. Ltd. on Jan. 4 said it has entered into an agreement with Yantai Guofeng Investment Holdings Co. Ltd. to acquire a 65% equity interest in the latter's wholly owned Yantai Guoxing Copper Co. Ltd. for 325 million Chinese yuan.

After the transaction, Yantai Guofeng will hold a 35% stake in Guoxing Copper. Guoxing Copper's registered capital will be increased from 500 million yuan to 1 billion yuan by its two shareholders.

Yantai Guoxing Copper is a producer of nonferrous metals based in the Yantai Economic and Technological Development Zone in the Shandong Province of eastern China.

Jiangxi Copper said it expects Yantai Guoxing to produce 180,000 tonnes of copper cathodes, 11.9 tonnes of gold, 147.5 tonnes of silver, and 855,000 tonnes of sulfuric acid per year after the construction of a copper smelting project.

As of Jan. 3, US$1 was equivalent to 6.87 Chinese yuan.