BEIJING (Reuters) – A subsidiary of China’s Zijin Mining plans to buy a 24.8% stake in Zangge Mining for 13.7 billion yuan ($1.87 billion) and gain controlling right in the firm, Zijin announced in a stock exchange filing on Thursday.
The deal would allow Zijin to consolidate its ownership over the Julong copper project in Tibet, its joint venture with Zangge.
It also underlines Zijin’s attempts to cash in on growing demand for battery metals, as it prepares to start production at its first lithium exploration project in the Democratic Republic of Congo next year.
($1 = 7.3316 Chinese yuan renminbi)
(Reporting by Yukun Zhang and Ryan Woo; Editing by Toby Chopra)
