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  • CMOC to acquire all BHR shares for USD470 million to enhance the control of Congo's copper and cobalt mining area

    2019-07-10 14:27:41   [Print]
    China Molybednum Company Ltd.Asian Metal Copyright Accordingly, the BHR DRC share transfer agreement and BHR DRC share acquisition to be carried out under this agreement shall immediately terminate.Asian Metal Copyright (CMOC) announced that on January 18, 2019, China Molybdenum Holdings, a wholly-owned subsidiary of the company, intends to purchase all the issued and outstanding shares of target company BHR Newwood DRC Holdings ltd.Asian Metal Copyright At present, BHR, through its wholly-owned subsidiary BHR DRC, indirectly holds 30% of the company's indirectly non-wholly-owned subsidiary TFHL, which holds 80% of the company's indirectly non-wholly-owned subsidiary Tenke Mining, while Tenke Mining owns the Tenke Fungurume mining area.Asian Metal Copyright from BHR Newwood.Asian Metal Copyright At present, BHR, through its wholly-owned subsidiary BHR DRC, indirectly holds 30% of the company's indirectly non-wholly-owned subsidiary TFHL, which holds 80% of the company's indirectly non-wholly-owned subsidiary Tenke Mining, while Tenke Mining owns the Tenke Fungurume mining area.Asian Metal Copyright After fair negotiation between the company and BHR shareholders, China Molybdenum Holdings and BHR signed the BHR DRC termination agreement on June 19, 2019.Asian Metal Copyright CMOC announced that on January 18, 2019, China Molybdenum Holdings, a wholly-owned subsidiary of the company, intends to purchase all the issued and outstanding shares of target company BHR Newwood DRC Holdings ltd.Asian Metal Copyright Accordingly, the BHR DRC share transfer agreement and BHR DRC share acquisition to be carried out under this agreement shall immediately terminate.

    It announced that the termination of BHR DRC share transfer agreement and BHR DRC share acquisition was due to the following reasons: after the termination of BHR DRC share acquisition, the company will sign a BHR share transfer agreement with BHR shareholders, and the company and BHR shareholders will achieve the same business purpose after the termination of BHR DRC share acquisition; and BHR DRC share acquisition is expected to consume huge capital expenditure of the company, therefore, the termination of BHR DRC shares acquisition and reaching BHR equity transfer agreements can reduce the burden of capital expenditure and for the company and also decrease foreign exchange risks faced by companies and BHR shareholders.

    On the same day, the indirect wholly-owned subsidiary company CMOC BHR(as the buyer) and BHR shareholders (as the seller) signed the BHR share transfer agreement, and the buyer will purchase all issued and outstanding shares of BHR at a price of USD470 million.

    At present, BHR, through its wholly-owned subsidiary BHR DRC, indirectly holds 30% of the company's indirectly non-wholly-owned subsidiary TFHL, which holds 80% of the company's indirectly non-wholly-owned subsidiary Tenke Mining, while Tenke Mining owns the Tenke Fungurume mining area. Tenke Mining is the owner of the Tenke Fungurume copper and cobalt mine, an integrated resource Mining facility in southeastern Congo.

    The Tenke Fungurume mine is one of the largest copper and cobalt mines in the world with the highest grade ore, which can maintain a high profit level and has great potential for future development.

    After delivery, BHR will become a wholly owned subsidiary of the company, and the company will hold 100% of TFHL and 80% of Tenke Mining indirectly, and its control of Tenke Fungurume mining area will not change because of BHR share acquisition.

    The BHR acquisition will enhance the group's day-to-day management and control and supervision of mining operations in the Tenke Fungurume mine, as well as its profitability and risk resistance, the statement said.

    .Asian Metal Copyright It announced that the termination of BHR DRC share transfer agreement and BHR DRC share acquisition was due to the following reasons: after the termination of BHR DRC share acquisition, the company will sign a BHR share transfer agreement with BHR shareholders, and the company and BHR shareholders will achieve the same business purpose after the termination of BHR DRC share acquisition; and BHR DRC share acquisition is expected to consume huge capital expenditure of the company, therefore, the termination of BHR DRC shares acquisition and reaching BHR equity transfer agreements can reduce the burden of capital expenditure and for the company and also decrease foreign exchange risks faced by companies and BHR shareholdersAsian Metal Copyright
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