Buyer Community> Trade Intelligence> Metals & Mining> Hanlong Group acquires Australia's Moly Mines
Source: SteelOrbis SteelOrbis

Hanlong Group acquires Australia's Moly Mines

Published: 30 Mar 2010 23:26:10 PST

SteelOrbis - After the completion of its acquisition of a 55.49 percent stake in Perth-based Australian miner Moly Mines Inc, Sichuan Province-based Chinese private sector company Hanlong High&New-Tech Development (Hanlong Group) now owns 30 percent of the world's total molybdenum resources.

On October 19, 2009, Hanlong Group signed the acquisition agreement with Moly Mines, agreeing to pay a total of $200 million. Meanwhile, on March 29 this year the Chinese buyer signed a credit agreement worth $140 million with the Chengdu branch of the Export-Import Bank of China in order to meet the total price.
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