China Nonferrous Mining to Take Control of Kazakhstan Copper Miner SM Minerals

China Nonferrous Mining Corp. Ltd. ( (HK:1258) ) has shared an update.

China Nonferrous Mining Corporation Limited has agreed to acquire an additional 55% stake in Kazakhstan-based SM Minerals for US$89 million, raising its ownership from 15% to 70% and securing a controlling interest in the copper-focused miner. SM Minerals’ flagship Benkala project in Aktobe Province holds sizable copper resources, with 384 million tonnes of ore containing an estimated 1.58 million tonnes of copper, and is preliminarily designed for an open-pit operation processing 14 million tonnes of ore annually to produce copper concentrate containing about 45,000 tonnes of copper per year; the deal strengthens China Nonferrous Mining’s upstream copper resource base and expands its strategic footprint in Central Asia.

The most recent analyst rating on (HK:1258) stock is a Buy with a HK$18.50 price target. To see the full list of analyst forecasts on China Nonferrous Mining Corp. Ltd. stock, see the HK:1258 Stock Forecast page.

More about China Nonferrous Mining Corp. Ltd.

China Nonferrous Mining Corporation Limited is a Hong Kong–incorporated investment holding company whose subsidiaries focus on the exploration and mining of copper and cobalt, as well as ore processing, leaching, smelting and the sale of copper cathodes, blister copper, copper anodes, cobalt contained in cobalt hydroxide, sulfuric acid and liquid sulfur dioxide. The company is controlled by China Nonferrous Metal Mining (Group) Co., Ltd., a state-owned enterprise under China’s State-owned Assets Supervision and Administration Commission, and is positioned as a key player in non-ferrous metal resource development and related trade and services.

Average Trading Volume: 19,529,965

Technical Sentiment Signal: Buy

Current Market Cap: HK$57.09B

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