China Polymetals announced on Tuesday evening that on June 13, 2017, Huaxing Global, a subsidiary of the company, entered into the agreement with Ruili Nadi Co., Ltd., pursuant to which Huaxing Global, the subsidiary, agreed to acquire the mining rights of the copper-lead mine in Myanmar with a total consideration of RMB 49 million.
The announcement shows that the mining right can cover approximately 49.59 acres of copper and lead in the mining area of No. 2 Hongtukengshan, Daoshan Village, Bird Hill Village, Kyaose Town, Mandalay Province, Myanmar for the period from December 24, 2014 to December 23, 2019. The mine carries out mining and development of minerals. The copper and lead reserves in Myanmar's mines are classified into 331, 332, and 333, with an estimated resource of 1,284,500 tons.
The announcement stated that the acquisition reflects the company's strategy of investing in non-ferrous metal resources. The company believes that Myanmar is one of the most important emerging investment markets outside China. The acquisition is consistent with the Group's business strategy, allowing the Group to further increase its existing lead and copper reserves and resources.