China Nonferrous Mining's (HKG:1258) subsidiary China Nonferrous Mining Hong Kong agreed to purchase 3,644.442 metric tons of high-grade copper cathodes from La Generale des Carrieres et des Mines for around $30.7 million, a Wednesday filing with the Hong Kong Exchange said.
The period set for the transaction starts on Sept. 11 and ends on Dec. 31, according to the company.
CNMHK intends to meet the increased demand for copper cathodes from its customers through the transaction, the filing said.
The company's shares closed nearly 2% lower on Wednesday.
Price (HKD): $4.70, Change: $-0.080, Percent Change: -1.67%
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