It is reported that China Minmetals Corporation is planning to acquire 70% shares of Vizirama, a South African chromite mining company bases in Townlands. Vizirama possesses the exploration rights for the mineral resources in Townlands, therefore, the acquisition will enable Minmetals to secure the leading position in the first phrase of exploration.

As per report, the acquisition will conduct by Minmetals' subsidiary, Minmetals Development Co Ltd with the total investment of several million USD. By the moment, the National Development and Reform Commission has already granted the investment and the further approvals are needed from the Ministry of Commerce and the State Administration of Foreign Exchange.

China Minmetals Corporation is a trader as well as an investor for both steel and other metal products. It has long showed interest in South African mineral resources and has taken several actions in the region, such as the USD 6.5 million acquisition of Naboom ferrochrome mine in 2007, a 3 years' contract with Palabora Mining Company to purchase 2 million tons iron ore each year in 2006 and the office set-up in South Africa to export chrome concentrate and manganese to China in 1992, etc.

(Sourced from www.Mysteel.net)
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