The Kazakh holding company, Natural Resources Corporation Plc (ENRC) is buying 50% of Xinjiang Tuoli Taihang Ferro- Alloy Co. Ltd, which specializes in the manufacture of ferroalloys, for $14.5 million. The stake is being purchased from Ma Yunpu, one of the main shareholders of the company, ENRC said in a release. The deal, which will be closed after approval by the Chinese provincial government, will enable ENRC to strengthen its position in the ferroalloy market.Xinjiang Tuoli Taihang Ferro-Alloy is a major ferrochrome producer in China with production capacity of 120,000 tonnes a year. About 70% of the chrome used by the company is supplied by ENRC.
"We are inspired by our first acquisition in China, a market we know well and which we hope has good prospects," said the corporation's General Director Johannes Sittard.
In April, ENRC acquired a controlling stake in the Serovsky Ferroalloy Plant in Russia.
The Kazakh government holds a 19.3% stake in ENRC. Its other major shareholder is Kazakhmys, which owns 14.6% of the shares.
Source: Daily News Bulletin, Moscow via Redorbit.com
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