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Home >> Business
UPDATED: 10:38, October 04, 2006
Hunan Nonferrous Metals becomes 2nd largest stockholder of Australian miner
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The Hunan Nonferrous Metals Corporation Ltd, one of China's leading nonferrous metals companies, has become the second largest stockholder of the Compass Resources NL, an Australian mining company.

The two have signed contracts to let the Hunan Nonferrous Metals hold 9.73 percent of the Compass stocks, 0.16 percentage points less than those of the largest stockholder, with a cost of 30 million Australian dollars (23.6 million U.S. dollars), the Hunan Daily, a newspaper based in central China's Hunan Province, reported.

The transaction of stocks were completed on Aug. 1, said the newspaper.

The two companies will together explore and exploit mineral resources of which the Compass Resources NL have the mining right, according to the report.

Listed in Australia, the Compass Resources NL has mining rights in the country's Northern Territory and New South Wales states. 84.2 million tons of ores have been detected in its possession.

Ranking among the five largest enterprises in China's nonferrous metals industry, the Hunan Nonferrous Metals Corporation Ltd. was listed on the Hong Kong stock exchange market this March, with its stock value rising over 50 percent on the day of initial public offering.

The cooperation has been listed by Australia as a national major project of cooperation with foreign countries.

Source: Xinhua

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