China Nonferrous Metal Mining Company announced its acquisition of an 80% stake in Zambia based Luanshya Copper Mine for USD 50 million.

The Chinese nonferrous metal products manufacturer said that the transaction has received approval from the government regulators and Zambia Copper Investments holds the rest 20% stake.

Due to the financial crisis, LCM suspended production at the end of 2008 and the former controlling shareholder Enya Holdings decided to withdraw from the Zambian cooper producer. Then, the Zambian government kicked off the international bidding invitations with a view to helping LCM look for new strategic investors. CNMC made an acquisition offer in April 2009 and later won the bid after competition with other three pursuers.

By far, CNMC has established five controlled subsidiaries in Zambia with investments topping USD 700 million. The acquisition of LCM boosts the Chinese company's reserves by nearly 3 million tonnes in the country.

(Sourced from Cnstock.com)