Chilean Miner Buys in China

Chile’s Molymet subsidiary Eastern Special Metals Hong Kong, says it has acquired a 50% stake in Luoyang High Tech Molybdenum & Tungsten Material from China Molybdenum for RMB258.24m ($38m) in cash. At the same time it also signed a joint venture agreement with China Molybdenum, without specifying the nature of the agreement. The companies do not disclose financial advisors.