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12 AUGUST 2021 AL CIRCLE

China's Tianshan Aluminium to acquire 49% of shares of Indonesian bauxite mining company

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

On Tuesday, August 10, Tianshan Aluminum Group Co.,Ltd. announced that it signed a letter of intent with an unnamed Indonesian mining holding company and its controller. According to the letter of intent signed, Tianshan will buy a minimum of 49 per cent of shares of the bauxite company through direct or indirect acquisitions.

Tianshan Aluminium to acquire 49% of shares of Indonesian bauxite mining company

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Tianshan expects this move will help in expanding its cooperation with the mining company in terms of bauxite supply and sales in the future.

The Indonesian mining company has a mining area of about 30,000 hectares and owns a total of three bauxite mining certificates issued by Indonesia’s Ministry of Energy and Mineral Resources.

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Through this acquisition, Tianshan also aims at promoting its overseas business development and enhance core competitiveness, said the company to the Shenzhen Stock Exchange website, where it is listed.


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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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