Under the deal, Xiangzhen will acquire 60% ownership of China-based Wuchuan Mining’s equity.
Wuchuan Mining is mainly engaged in the mining, mineral processing, production and sales of fluorite and barite.
Prior to the deal with Xiangzhen, Wuchuan Mining was wholly owned by two individual investors.
Upon completion of the equity transfer, the companies will combine their resources and work together to develop the assets owned by Wuchuan Mining, including five mines, two flotation plants and a fluoride company.
China Shen Zhou CEO Xiaojing Yu said Wuchuan Mining’s considerable mining reserves, production capacity, market share, and high- quality fluorite product make it a strong influencer of China’s fluorite industry.
"Through this acquisition, according to public information, China Shen Zhou becomes the Chinese company with the largest fluorite reserves and most-advanced design and processing capabilities," Yu said.
