China Nonferrous Mining (HKG:1258) agreed to acquire a further 55% stake in SM Minerals from three shareholders for $89 million, a Dec. 19 Hong Kong bourse filing said.
Shares of the mining firm were up 7% in Monday afternoon trading.
Following completion, the firm will own a 70% stake in SM Minerals.
SM Minerals is a Kazakhstan-incorporated firm engaging mainly in the mining and enrichment of copper.
The acquisition will boost China Nonferrous Mining's development potential for its future resource expansion in Central Asia.
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