Zijin acquires another mine

Zijin Mining (2899) has acquired a mine for 5.91 billion yuan (HK$6.41 billion).

It acquired about 84 percent equity interest in Anhui Jinsha Molybdenum through public tender.

Jinsha Molybdenum holds the exploration right of the Shapinggou molybdenum and polymetallic mine in Jinzhai County, Anhui Province, China.

At present, the procedure of converting the exploration right to a mining right is in progress.

The Shapinggou molybdenum mine is a world-class, super-large porphyry molybdenum and polymetallic deposit, yet to be developed.

It owns 2.46 million tonnes of retained molybdenum resources, among which, the resources under the exploration right are 2.34 million tonnes, grading at 0.143 percent on average, according to Zijin.

Meanwhile, the mining company plans to repurchase A shares through centralized price bidding for the employee stock ownership scheme or share incentive.

The total amount of funds for the proposed repurchase is between 250 and 500 million yuan at a price not exceeding 8.5 yuan per share.

On the other hand, CMOC Group (3993) saw its net profit jump by 49.12 percent year-on-year to 5.31 billion yuan for the first three quarters.

In the third quarter, the company's net profit grew slightly by 0.73 percent year-on-year to 1.16 billion yuan, but the operating revenue fell by 2.49 percent to 40.7 billion yuan.