China’s Zijin Mining said it was in talks with Zangge Mining’s two shareholders to buy a controlling stake in the miner. The potential deal would allow Zijin to consolidate its ownership over the Julong copper project in Tibet, its joint venture with Zangge.
Tibet Zangge Venture Capital and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management collectively own about a 40% stake in Zangge, a Chinese lithium producer.
Last year, Zijin won government approval to expand Julong’s output to about 350,000 metric tons per day, making it the largest single copper mine in China. Zijin owns a 50.1% interest in the mine.
Source: Reuters