Zijin Mining acquires controlling stake in Zangge Mining

Zijin Mining Group Co., Ltd. (HKEX: 2899) announced its acquisition of a 24.82% stake in Zangge Mining Company Limited (SZSE: 000408) for RMB 13.73 billion (USD $1.87 billion). The acquisition, executed through Zijin's subsidiary Zijin International Holdings, brings Zijin’s total ownership in Zangge to 25%, granting it controlling power. The deal involves purchasing 392,249,869 shares at RMB 35 per share from Zangge Venture Capital, Sichuan Yonghong, Ms. Lin Jifang, and Xinsha Hongyun. Post-acquisition, Zangge Venture Capital's stake decreases to 7.03% and Xinsha Hongyun’s to 9.89%. Zijin will restructure Zangge's board, holding a majority of director nominations and securing key leadership positions. The transaction is pending regulatory approvals and the fulfillment of other conditions.