It is reported that Minmetals Resources plans to acquire Minerals and Metals Group for USD 1.85 billion from Album Resources which is wholly owned by Minmetals Resources’ parent company, China Minmetals Non-ferrous Metals.

To complete the acquisition, Minmetals Resources plans to increase its authorized share capital to HKD 900 million from HKD 300 million at present and hopes to get authorization to offer 2.7 billion new shares. The acquisition is pending the approval of Minmetals Resources’ shareholders and relevant government departments.

MMG was established in 2009 and is specialized in the production of zinc, copper, lead, gold and silver. At present, MMG owns four mines in operations in Australia and Laos including the largest open-pit zinc mine in Australia.

(Sourced from caing.com)