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Jinchun buys Chibuluma copper mine in Zambia
Wednesday, 05 Oct 2011
China’s Jinchun Group Limited has paid USD 1.36 billion to buy off 100% equity in Chibuluma mine, a former subsidiary of South Africa’s Metorex Mining, in a conditional take over initiative.
According to Zambia Competition and Consumers Protection Commission board, Jinchuan Group Limited has bought off the remaining 15% earlier held by Zambia Consolidated Copper Mines Investment Holdings on behalf of the government.
The sale entails that Jinchuan Mining Limited has literally bought additional 85% equity, initially owned by ZCCM IH which it retained at the time Metorex Limited operated and owned the miner based in Kalulushi on the Copperbelt region of the Southern African nation.
Spokesperson Mr Brian Lingela said Tuesday that the board had approved conditional disposal of all shares Metorex had in Chibuluma mine during its meeting on 30 September.
The new shares will now be absorbed through Newshelf, a wholly owned subsidiary of Jinchuan Group Limited, a decision the antitrust body stated was okayed for lack of competition concerns in the production and selling of copper and cobalt in Zambia by the miner. Metorex currently owns 85% in Chibuluma mine.
According to the antitrust body, the Chinese miner, Jinchuan Group Limited, which also owns a stake in the Munali Nickel miner in Zambia, offered to acquire 100%equity in Metorex for approximately for
a value of USD 1.36 billion.
Metorex owns 85% shares in Chibuluma Mine with the remaining 15% shares owned by the Government of Zambia through the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH).