Guocheng Mining to tap into molybdenum resources through share acquisition
2024-12-18 14:41:54 [Print]
Guocheng Mining announced that it plans to acquire no less than 60% stake in Inner Mongolia Guocheng Industrial Co., Ltd., which is owned by its controlling shareholder Guocheng Group, by paying cash and incurring obligation. The estimated value for 100% stake of Guocheng Industrial is RMB5.5 billion (USD755 million).
Through the share acquisition, Guocheng Mining will become a controlling shareholder of Guocheng Industrial and tap into molybdenum concentrate dressing business, in addition to zinc concentrate, lead concentrate, silver concentrate and copper concentrate.
Guocheng Industrial is mainly engaged in the mining and beneficiation of molybdenum concentrate. As of December 31, 2023, the company's Dasuji molybdenum ore in Zhuozi, Inner Mongolia holds mineral reserves of 55.19 million tonnes, containing 73,646t of molybdenum, at 0.13% Mo on average.
Through the share acquisition, Guocheng Mining will become a controlling shareholder of Guocheng Industrial and tap into molybdenum concentrate dressing business, in addition to zinc concentrate, lead concentrate, silver concentrate and copper concentrate.
Guocheng Industrial is mainly engaged in the mining and beneficiation of molybdenum concentrate. As of December 31, 2023, the company's Dasuji molybdenum ore in Zhuozi, Inner Mongolia holds mineral reserves of 55.19 million tonnes, containing 73,646t of molybdenum, at 0.13% Mo on average.
Molybdenum Conc. 45%min EXW China
Unit:RMB/dmtu
China molybdenum concentrate producers' sales volume statistics by province by month
Unit: mt
