Xinjiang metal firm seeks strategic investors

Xinjiang Non-ferrous Metal Industry, the state-owned parent of Hong Kong-listed Xinjiang Xinxin Mining Industry, is in talks to bring in other state-owned firms as strategic investors, the South China Morning Post reported. The firm’s chairman Yuan Ze said the investors would help fund expansion of its rare metals unit. Potential strategic investors include Aluminum Corp of China, China Minmetals Corp, China National Cereals, Oils & Foodstuffs Import & Export Corp. The Xinjiang-based metal producer plans to inject its rare metal assets, valued at around US$141.8 million, into a new company in which it would retain a controlling stake. Strategic investors would pay cash for smaller stakes, and the restructured unit may go public.