Wei Jun Mining Intends To Spend HK $1 Billion 580 Million To Acquire Guangxi Nonferrous Metals Two Minerals.

On the evening of November 24th, Wei Jun mining (00660.HK) announced that Wei Jun mining intends to spend up to HK $1 billion 580 million to acquire Guangxi's ferrous manganese mine and Kampuchea iron ore assets. Guangxi coloured It is intended to inject two minerals into Wei Jun mining industry. list 。

Wei Jun mining announced that in November 20th, the company signed a cooperation agreement with Guangxi nonferrous metals and Guangxi Xindi Investment Trading Co., Ltd. (hereinafter referred to as "new Si Di") to acquire a manganese mine and two iron ore rights and interests.

According to the agreement, Wei Jun mining intends to acquire 74% stake in South Africa manganese mine jointly owned by Guangxi nonferrous metals and xinxindi with HK $12-13.3 billion, and intends to acquire additional investment income of Guangxi nonferrous metals and xinxindi at no more than HK $240 million.

At the same time, the company intends not to exceed HK $260 million to acquire 100% stake in two Guangxi iron ores located in Thailand.

The company said the company would pay part of the price of HK $4-6 in cash, and the rest would be paid through issuing and allotment of shares.

After the completion of the acquisition, Wei Jun mining will become the flagship enterprise of Guangxi nonferrous metals in mineral business, and will have priority acquisition rights for Guangxi's domestic and foreign businesses in Guangxi. Wei Jun mining will be renamed "Guangxi Nonferrous Metals Group Limited by Share Ltd".

Guangxi nonferrous metals and neindy guarantee that the net income after tax will be no less than HK $300 million within 24 months after the completion of the acquisition of related assets.

Wei Jun mining management said: "I am pleased to cooperate with Guangxi nonferrous metals. With the full support of Guangxi coloured nonferrous metals, and with its strong background, huge network and professional technical knowledge, we are confident that we will develop into a leading industry of high-quality mineral resources.

Guangxi nonferrous metals is the Guangxi Zhuang Autonomous Region's state-owned enterprise founded in 2008 by Hua Xi group. It has the largest indium reserves and second tin reserves in China. It ranks third in China's tin, indium and antimony production. It is one of the top 30 non-ferrous metals enterprises in China and one of the top 500 enterprises in China.

Previously, the listing of Huaxi Group was rather bumpy. It had hit IPO many times, but it was all over. The three backdoor listing ended in failure.

And the new Si Di is also established in Guangxi, the main business includes minerals, alloy burden, non-ferrous metals, building materials, import and export trade, and provide investment management and consulting services.

Wei Jun mining is mainly engaged in trade, manufacturing and export sports shoes, working shoes, other functional shoes, and manufacture and sale of modified starch and other biochemical products.