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Jiaozuo Wanfang Aluminium Manufacturing Co. plans to pay 389.3 million yuan ($63.6 million) to buy a 20 percent interest in China Rare Metals and Rare Earth Co., part of Aluminum Corporation of China (CHINALCO), Shanghai Metals Market reported.
Jiaozuo Wanfang Aluminium Manufacturing Co. plans to pay 389.3 million yuan ($63.6 million) to buy a 20 percent interest in China Rare Metals and Rare Earth Co., part of Aluminum Corporation of China (CHINALCO), Shanghai Metals Market reported.
As quoted in the market news:
The payment represents a 25.2% premium over assessed value of the equity stake as Jiaozuo Wanfang believes the unit’s rare earth, tungsten and tin businesses have great potential, it said in a statement.
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