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