Jiangxi Copper to expand gold business via acquisition
Mar 06, 2019 16:10
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Jiangxi Copper, one of China’s leading copper smelters and headquartered in Southeast China’s Jiangxi province, plans to spend nearly Yuan 3 billion ($447.4 million) to acquire a 29.99% interest in China’s leading gold producer, Shandong Humon Smelting Co, to further expand its gold business, according to Jiangxi Copper’s latest announcement on March 5. Shandong Humon is based in Yantai city in East China’s Shandong province.
Jiangxi Copper, which holds no equity in the gold producer as of now, is purchasing some shares from Yantai Humon Group and another four individual shareholders, whichwill make Jiangxi Copper the gold producer’s largest shareholder, according to the notice.
Shandong Humon now operates three smelters and boasts a capacity for gold