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China Molybdenum Co Ltd's CMOC Mining Pty Limited Announces Acquisition Of Interest In Northparkes Joint Venture And Certain Associated Assets Of Business


Tuesday, 30 Jul 2013 10:13am EDT 

China Molybdenum Co Ltd announced that On July 26, 2013, CMOC Mining Pty Limited (the Purchaser, an indirect wholly owned subsidiary of the Company), and the Company entered into the Asset Sale and Purchase Agreement with North Mining Limited (the Vendor), pursuant to which: (i) the Vendor has agreed to sell and the Purchaser has agreed to purchase the Sale Interest of the mining, product transportation, product sales and related businesses and operations conducted by or on behalf of the Vendor in connection with the Northparkes Joint Venture, including but not limited to the Vendor's interest in Northparkes Joint Venture (the Business) for a consideration of USD820 million (equivalent to approximately HKD6.936 billion); and (ii) the Company, as guarantor, has agreed to guarantee the due and punctual performance of the Purchaser with its obligations under the Asset Sale and Purchase and Agreement. Luoyang Mining Group Co., Ltd. and Cathay Fortune Corporation, the controlling shareholders of the Company who in aggregate hold approximately 69% equity interest in the Company, have irrevocably undertaken to vote in favour of the resolutions to approve the Proposed Acquisition. 

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