China’s Zijin Mining Group agreed to buy Canada’s Neo Lithium Corp in total cash consideration of US$770 (C$960) million, the companies declared on Friday. Zijin has approved to buy Argentina-focused lithium company, Neo Lithium at a price of C$6.50 per share in cash, the Zojin said in a statement.
Zijin Mining is a large multinational mining company dedicated to prospecting, exploration, and mining of gold, copper, and other mineral resources with operations in 11 countries. Its largest shareholder Shanghang Minxi Xinghang State-Owned Property Investment Company, which holds 24% of Zijin, is owned by government of Shanghang County, Fujian Province where Zijin’s head office is located.
Zijin is one of the largest gold, copper and zinc producers in China.