Companies

Chinese firms buy Canadian copper mine

(Xinhua)
Updated: 2010-06-02 11:58

BEIJING: China Railway Construction Corp (CRCC) and Tongling Nonferrous Metals Group Holdings have completed a $679 million acquisition of Canadian Corriente Resources Inc in China's second-largest overseas copper mine takeover.

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CRCC-Tongguan Investment (Canada) Co, a 50-50 joint venture established by the two Chinese companies, gained 96.7 percent of all Corriente shares on a fully diluted basis, Tongling said in a statement to Shenzhen Stock Exchange.

The acquisition would allow the firms to gain mining rights to Corriente's main assets of 17 deposits in the copper belt in southeast Ecuador. Copper reserves in the four main mining regions total around 11.54 million tons. Media reports said the reserves could bring a cash flow of 150 billion yuan ($21.96 billion).