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Chengtun Mining to acquire Zhuhai, China-based cobalt producer for 1.2B yuan

Chengtun Mining Group Co. Ltd said Aug. 10 that it agreed to acquire 100% of cobalt producer Zhuhai Kelixin Metal Material Co. Ltd. for 1.2 billion Chinese yuan in shares to widen its footprint in the new energy equipment industry.

The company will issue 154,043,645 shares to Zhuhai Kelixin's existing shareholders at 7.79 yuan apiece. It expects to expand its cobalt business by adding processing and manufacturing.

China Securities Regulatory Commission approved the deal.

In a separate, same-day filing, Chengtun Mining said it intends to start a repurchase program for 500 million yuan of 7% notes due Sept. 24, 2020.

As of Aug. 9, US$1 was equivalent to 6.82 Chinese yuan.