Zijin Mining to acquire control of Zangge Mining for $1.9B

Zijin Mining Group Co., Ltd. announced its plan to acquire a 24.82% stake in Zangge Mining Co., Ltd. for 13.73 billion yuan ($1.9 billion USD), gaining controlling interest. Zijin's subsidiary, Zijin International Holdings, will purchase the shares from several existing shareholders, including Zangge Venture Investment Group and Sichuan Yonghong Industrial. Prior to this transaction, Zijin already held a 0.18% stake in Zangge Mining. Post-acquisition, Zijin's total ownership will reach 25%, surpassing Zangge Venture Investment Group’s reduced 20% ownership and solidifying Zijin’s control. The transaction, approved by Zijin’s board, is not considered a related party transaction or a major asset restructuring and therefore doesn't require shareholder approval. The acquisition is subject to certain closing conditions, including regulatory approvals. Zijin cited potential synergies in potassium, lithium, and copper production, key components of Zangge's portfolio, as drivers of the deal.