Jiangxi Copper, one of the China's top copper producers, has purchased a majority stake in a facility in Yantai as part of a rare move of consolidation among state-owned copper smelters, according to an exchange filing on Thursday January 3.
The multi-year long discussion between Jiangxi Copper and the operator of the Yantai Guorun smelter has finally been concluded, with the former agreeing to buy a 65% equity share in its debt-ridden peer at 325 million yuan ($47.3 million), a regulatory statement to Hong Kong Exchanges & Clearing showed. Upon completion, Jiangxi Copper will take the control of the Yantai-based...