CMT to acquire 100% stake in Hunan Shizhuyuan
2024-01-10 11:53:40 [Print]
China Tungsten and Hightech Materials Co., Ltd. (CMT) plans to acquire a 100% equity interest in Hunan Shizhuyuan Nonferrous Metals Co., Ltd. held by Minmetals Tungsten Co., Ltd. and Hunan Woxi Mining Investment Co., Ltd. through a private placement and cash payment. The estimated value of the target asset remain undetermined as the audit evaluation process has not yet been completed. The transaction would lead to a major asset restructuring.
Hunan Shizhuyuan is mainly engaged in the mining and dressing of polymetallic ore including tungsten, molybdenum, bismuth and fluorspar, the smelting of tungsten concentrate, and the research and development of bismuth-based new materials.
By acquiring Hunan Shizhuyuan, CMT expects to establish a complete tungsten industry chain consisting of mining, smelting, cemented carbide production and deep-processing, as it aims to integrate resource and promote industrial transformation and upgrading to better withstand market uncertainty.
Hunan Shizhuyuan is mainly engaged in the mining and dressing of polymetallic ore including tungsten, molybdenum, bismuth and fluorspar, the smelting of tungsten concentrate, and the research and development of bismuth-based new materials.
By acquiring Hunan Shizhuyuan, CMT expects to establish a complete tungsten industry chain consisting of mining, smelting, cemented carbide production and deep-processing, as it aims to integrate resource and promote industrial transformation and upgrading to better withstand market uncertainty.
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