China Minmetals to Buy Stake in Hunan Non-Ferrous Metals
China"s largest non-ferrous metals producers, China Minmetals Corporation have announced recently their intentions to acquire a stake in Hunan Non-Ferrous Metals Ltd who are currently China"s top producer of Zinc.
The announcement was made last week by senior officials at the China Non-Ferrous Metal Industry Association.
Having both attended a meeting in Shanghai to finalise the details of the proposed deal, the acquisition is hoping to be concluded within the next couple of weeks. It is not known exactly how many shares in the Non-Ferrous metal giants are being purchased but having already conducted business with each other the previous year, an underlying agreement is in place where China Minmetals have the right to buy a 40% share hold in Hunan Non-Ferrous Metals Ltd should they wish to do so.
This statement of positive expansion was seen as a relief amongst metal traders after the market had slowed recently following the announcement of the economic crisis in Dubai.
