China Molybdenum Progresses With Buying 80% Interest in Northparkes for Copper Mine

Company News 10:37:53AM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) - China Molybdenum Co. is progressing with its planned purchase of an 80% interest in Australia’s Northparkes Joint Venture to diversify into copper and gold production.

The company has hired China Faith Appraisers Co. to evaluate equity value in the target company, it told Shanghai Stock Exchange today.

On July 28, China Molybdenum’s subsidiary CMOC Mining Pty Ltd. signed an agreement with North Mining Ltd. to buy the latter’s 80% interest in Northparkes, which has a copper and gold mine in Parkes, New South Wales in Australia.

China Molybdenum is the world’s fourth-largest producer of molybdenum and the second-largest producer of tungsten concentrate.
 

China Molybdenum Progresses With Buying 80% Interest in Northparkes for Copper Mine

Company News 10:37:53AM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) - China Molybdenum Co. is progressing with its planned purchase of an 80% interest in Australia’s Northparkes Joint Venture to diversify into copper and gold production.

The company has hired China Faith Appraisers Co. to evaluate equity value in the target company, it told Shanghai Stock Exchange today.

On July 28, China Molybdenum’s subsidiary CMOC Mining Pty Ltd. signed an agreement with North Mining Ltd. to buy the latter’s 80% interest in Northparkes, which has a copper and gold mine in Parkes, New South Wales in Australia.

China Molybdenum is the world’s fourth-largest producer of molybdenum and the second-largest producer of tungsten concentrate.