Sinofert buys miner to boost reserves
Source: Bloomberg News |
January 10, 2012, Tuesday
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Print Edition
Print Edition
SINOFERT Holdings Ltd, the Hong Kong-listed fertilizer unit of China's biggest chemicals supplier, agreed to buy a phosphate producer based in Yunnan Province for 1.38 billion yuan (US$218 million) to build reserves.
The Sinochem Corp unit will acquire Xundian Lomon Phosphorus Chemical Co from Tibet Longsheng Investment Management Co and Sichuan Lomon Corp, Sinofert said in a statement to the Hong Kong stock exchange yesterday.
Chinese chemical fertilizer producers, including China National Offshore Oil Corp, are adding reserves of crop nutrients to meet rising demand in the world's most populous nation. Xundian Lomon, which holds exploration licenses for four mines in southwestern Yunnan province, is capable of producing 300,000 metric tons of feed-grade phosphate, Sinofert said.
"This will expand the company from a trading and production-oriented company into one of the major domestic phosphate-resource owning companies in the PRC," said Sinofert, whose second-largest shareholder is Potash Corp of Saskatchewan.
Sinofert rose 2.4 percent to close at HK$2.15 (28 US cents) in Hong Kong trading, the largest gain since December 23.
The purchase will be funded internally and with bank loans, Sinofert said.
The Sinochem Corp unit will acquire Xundian Lomon Phosphorus Chemical Co from Tibet Longsheng Investment Management Co and Sichuan Lomon Corp, Sinofert said in a statement to the Hong Kong stock exchange yesterday.
Chinese chemical fertilizer producers, including China National Offshore Oil Corp, are adding reserves of crop nutrients to meet rising demand in the world's most populous nation. Xundian Lomon, which holds exploration licenses for four mines in southwestern Yunnan province, is capable of producing 300,000 metric tons of feed-grade phosphate, Sinofert said.
"This will expand the company from a trading and production-oriented company into one of the major domestic phosphate-resource owning companies in the PRC," said Sinofert, whose second-largest shareholder is Potash Corp of Saskatchewan.
Sinofert rose 2.4 percent to close at HK$2.15 (28 US cents) in Hong Kong trading, the largest gain since December 23.
The purchase will be funded internally and with bank loans, Sinofert said.
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