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SK Networks to invest $217 mln in China copper firm

Sun Dec 30, 2007 10:10pm EST

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SEOUL, Dec 31 (Reuters) - South Korea's SK Networks (001740.KS) said on Monday it would invest 203 billion won ($216.9 million) to acquire a 45 percent stake in a Chinese state-run copper company.

In February, SK had announced an acquisition price of 125.5 billion won for the same stake. An SK spokesman said the price had been revised upward after a request from the Chinese government, which cited higher raw materials prices.

SK said in a filing it was acquiring 214 million shares in Northern Copper Industrial Co Ltd in order to expand its business into the raw materials sector.

Northern Copper, China's sixth-largest copper development firm, produces 100,000 tonnes of copper annually and has 1.45 million tonnes of copper reserves, according to SK.

($1=935.8 Won)

(Reporting by Marie-France Han; Editing by Sei Chong)



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