CHINESE METAL PRODUCER TAKES STAKE IN AUSTRALIA'S PERILYA

Chinese metal producer Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (SSE:00060.SZ) announced Tuesday it will invest 201 million yuan (US$29 million) to subscribe for 197 million shares of Australian Perilya Limited (ASX:PEM).

If the subscription succeeds, Nonfemet will possess 50.1 per cent common negotiable shares of Peilya Limited.

Nonfemet, located in Shenzhen, south China, mainly engages in lead and zinc production and is one of China's top 500 companies.

Perilya Limited focuses on the prospecting and mining of base metals such as lead, zinc and silver. It owns several mines in Australia.

Nonfemet is offering a price of 0.23 Australian dollars per share and a total value of A$45.46 million (US$29.84 million), at a premium of 53 per cent.

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