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Huaxi Nonferrous to acquire 100% stake in Fozi Mining

Guangxi Huaxi Nonferrous Metal Co., Ltd. announced a plan to acquire 100% equity interest in Fozi Mining Industry Co., Ltd. for RMB523 million (USD72.11 million) in cash. When completed, Fozi Mining will become a wholly-owned subsidiary of Huaxi Nonferrous.

Fozi Mining, mainly engaged in mining and dressing of lead-zinc ore, produces zinc concentrate and lead concentrate from Fozichong Pb-Zn mine located in Cenxi, Guangxi. The company currently operates two dressing plants, with a total benification capacity of 450,000 tonnes per annum.