Zijin Mining acquires Zangge Mining for RMB 10 billion to expand lithium resource footprint

Zijin Mining announced that it is planning a major merger and acquisition, targeting Zangge Mining. Zangge Mining's controlling shareholder, Tibet Zangge Venture Capital Group Co., Ltd., and its joint actor Lin Jifang, as well as the second largest shareholder, Ningbo Meishan Free Trade Zone Xinsha Hongyun Investment Management Co., Ltd., plan to transfer 17.51% of the total share capital to Zijin Mining or its subsidiaries. If the transaction is successful, Zijin Mining and its subsidiaries will hold more than 25% of the shares. Based on the market value of Zangge Mining on January 9, the amount of the transaction may reach tens of billions of yuan.