East China nonferrous 267 million yuan overseas "mining"

Nonferrous Metals East China Geological Prospecting Bureau (hereinafter referred to as "East China Nonferrous") overseas acquisition and next city.　　Yesterday, the Australian Global Metals and Mining Company (Globemetals&mining, hereinafter referred to as "Globe") issued a notice that the East China Nonferrous is proposed to invest 267 million yuan, to 0.345 Australian dollars per share to acquire about 51% of its shares. Globe is a listed Australian company (ASX:GBE) with a total stake of 93.7919 million shares and a market capitalisation of about 39.8616 million Australian dollars, with major assets concentrated in Africa, including the Kanyika Niobium mine project in Malawi, Machinga Rare earth Mine Project,　　Salambidwe Rare earth Project, Livingstonia uranium mine project and the Fluorite project in Mozambique. East China Nonferrous said it would formally submit an application for the transaction to the Australian Foreign Investment Review Committee (FIRB) around November 17 of this year and, if approved, would formally complete the transaction by the end of January 2011.　　At present, east China Nonferrous has completed due diligence on globe, including legal, financial and technical aspects. According to the first financial daily, Globe's assets are at an early stage and have not yet been substantially developed.　　Globe said the deal would help them reach out to China's capital markets, especially relevant Chinese banks and funds, and provide financing support for the subsequent development of its Kanyika niobium project. Malawi, a landlocked agricultural country with a relatively underdeveloped economy, has long been ranked among the 25 least developed countries in the world by the United Nations.　　In recent years, the MA government to change the single agricultural economic model, to achieve diversified economic development, put forward to focus on the development of mining industry, and in the next few years will be the proportion of GDP of the mining industry from the current 1% to 10%. The acquisition is the fifth overseas project of the eastern China nonferrous Metal acquisition since last year.　　June 7 last year, East China nonferrous 125 million yuan to acquire Australia Arafura Resources Co., Ltd. (arafuraresourcelimited) 25% Equity, become the company's largest shareholder.　　On September 14, 2009, east China bought a wti50.1% stake in a mining company registered in England and Wales with 16.087 million pounds and held a majority in the board and chaired the board. This year the East China Nonferrous again increased the pace of overseas mergers and acquisitions. March 25, east China's 1.22 billion-dollar purchase of non-ferrous Metals in Jupiter, Brazil (Jupiter), a large iron ore 100% property rights, the mine's long-term reserves of 1.39 billion tons.　　August 7, East China nonferrous to purchase about 100 million yuan in northern Australia uranium mining Company (NTU) 51% of the stake, the latter core project for high-grade uranium, the total mining rights area of 10,000 square kilometers. September 23, East China Nonferrous also formally submitted 8 applications for prospecting rights to the Ministry of Resources of Northern Australia, covering a total area of about 3314 square kilometers, mineral species have uranium, iron, gold, copper, lead, zinc and so on. East China Nonferrous thought, "Twelve-Five" planning, China's opening to the outside world from exports and absorbing foreign investment mainly to import and export, absorbing foreign capital and foreign investments, so the company actively participate in the global allocation of resources, effective docking capital market, the road to explore and adopt integration is to enhance the market competitiveness To achieve strong and big important way.