HNC pays $29.5m for Canadian antimony mine

Hunan Nonferrous Metals Corp (HNC), the largest integral metals producer in China by production volume excluding aluminum, has agreed to acquire a 100 percent equity interest in Canada-based Beaver Brook Antimony Mine Inc (BBAM).

HNC, and its wholly owned subsidiary Gander Antimony Mine Ltd, will pay $29.5 million in cash from internal resources, the Hong Kong-listed company said in a statement late Wednesday.

"Most Chinese mining companies active in foreign takeovers are giant State-owned companies like Minmetals and Aluminum Corp of China. With this deal, we can see a trend that Chinese companies which used to operate mainly at provincial level have also speeded up overseas expansion," said Peng Bo, an analyst at Guosen Securities.