Reuters reported that China Nonferrous Metal Industry's Foreign Engineering and Construction Company would increase its stake in Australian miner Terramin Australia Limited in a deal worth CNY 32.35 million.

According to a statement to the Shenzhen Stock Exchange, Terramin will sell 12.3 million shares to China Nonferrous Metal at AUD 0.37 apiece in a private placement that would increase the holdings of the Chinese developer of nonferrous metal resources to 19.86% from 14.38%.

Terramin will use the share sale proceeds to develop two zinc and lead mining projects. Terramin posted a loss of AUD 9.875 million last year and its assets totalled AUD 147 million.

(Sourced from Reuters)