SYDNEY, Mar 25, 2010 (Dow Jones Commodities News via Comtex) -- China Sci-Tech Holdings Ltd. (0985.HK) said Friday it plans to restart copper production at the Lady Annie mine in Australia in December this year.
China Sci-Tech acquired the mine from Cape Lambert Resources Ltd. (CFE.AU) earlier this month for A$135 million.
Lady Annie currently has sufficient reserves and resources for around 4.5 years of operation at 25,000 metric tons of copper per year.
Separately, the company also announced it has agreed to buy Canada-listed Chariot Resources Ltd.'s (CHD.T) 70% stake in Peru's Marcona Copper Property and the Mina Justa project for HK$1.8 billion (US$232 million).
"The acquisitions represent a major strategic step made by the company to transform into a leading copper mining company. Going forward, we will continue to look for quality copper investment opportunities aiming to enhance shareholder value further," said Chiu Tao, Chairman of China Sci-Tech.
Mina Justa's copper resources support annual output of around 100,000 metric tons of copper.
First copper production is estimated in 2013, China Sci-Tech said.
The Hong Kong-listed company has appointed Damon Barber, former managing director, head of metals and mining Asia at Deutsche Bank, as its executive director and chief executive and Owen Hegarty, former CEO of Oxiana Ltd., as executive director and vice chairman.