Western Mining announced on October 9th that it will acquire 91.4% shares of Western Magnesium held by Western Mining Group, the controlling share holder, at an estimated value of RMB562.567 million (USD84,049,273).

Western Mining noted that Western Magnesium is mainly engaged in the business of extracting magnesium from salt lakes and processing of chemical magnesium products, adding that this transaction can increase Western Mining's resource reserves, expand its resource development varieties and extend its mineral resource industrial chain.