Yunnan Tin Group Gets Approval of Acquisition of Australia's Largest Tin Mines

SHANGHAI, Dec. 23 -- Australia Foreign Investment Review Board (FIRB) has formally approved Yunnan Tin Group's acquisition of tin asset of Metal X, the only tin producer of Australia, in Tasmania.

"This means that the 50% acquisition of Metal X by Yunnan Tin Group will be a success without significant obstacles." A senior official from Yunnan tin group told that Tasmania tin mine is the largest in mine in Australia, which is also very famous in the word, and the successful acquisition will definitely exert positive impact on development of Yunnan Tin Group.

An official from Metals X told that "the application documents for establishing a joint venture are subject to final examination and the proposal will be implemented soon".

According to the agreement signed by the two parties, Yunnan Tin Group will acquire 50% share of Metals X with AUD 50 million and will further acquire 10% share ofMetals X based on the business performance of acquired assets. If 6 kt output production targets can be achieved and the costs can reduced at the same time after 50% acquisition, Yunnan Tin Group will further acquire 10% share of Metals X.

The involved assets of the acquisition include Renison tin mine and dressing plant as well as Mt Bischoff tin mine and tailing disposal project of Rentails.