SHANGHAI, Oct. 25 (SMM) – Brockman Mining Ltd. announced to sell a limousine business subsidiary and use the proceeds to buy remaining 10% in a copper mine in China’s Yunnan province.
Brockman Mining agreed to sell Parklane Limousine for HK$45 million ($5.8 million), the company told Hong Kong Stock Exchange today.
The proceeds would be paid in cash to Yunnan Maoxingyuan Industrial Trading Ltd. for its 10% interest in Luchun, the owner and operator of Damajianshan copper mine in Yunnan province, it said. Brockman Mining acquired an 90% interest in Luchun back in 2008.
Copper ore processed from the Damajianshan mine reached 218,671 tonnes in this year’s first half, representing an increase of 181.3% year-on-year, Brockman Mining said in the statement.
``Although the base metals prices demonstrated a significant fluctuation during 2013, this business segment still recorded an increase in revenue, due to the enhanced sale volumes which offset the impact of the volatility of copper prices,’’ it said.