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Minmetals to acquire two mining firms

By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-20 16:41

China Minmetals Corp, the country's largest metal trader, is acquiring another two State-owned enterprises directly controlled by the central government, 21st Century Business Herald reported.

Related readings:  Minmetals to put overseas minerals assets into OZ Minerals   Minmetals to buy OZ Minerals for $1.7b  Minmetals looks for mergers   Minmetals eyes overseas expansion

The acquisition targets are Changsha Research Institute of Mining and Metallurgy (CRIMM) and Luzhong Metallurgy & Mining Group (LMMG).

The newspaper said the acquisition is waiting for approval form the State-owned Assets Supervision and Administration Commission (SASAC). If everything goes smoothly, it is expected to be completed by the end of June.

According to Li Rongrong, director of SASAC, the number of State-owned enterprises directly controlled by the central government will be reduced to 80-100 in 2010.

CRIMM and LMMG rank 142 and 141 respectively among the 143 State-owned enterprises directly controlled by the central government.

CRIMM is the largest electrolytic manganese producer in China with total assets of 1.7 billion yuan by the end of 2008, while LMMG is the largest iron ore supplier in Shandong province.

In 2008, revenue of China Minmetals Corp increased by 15.9 percent to 180.9 billion yuan, realizing a net profit of 7.1 billion yuan.