China Multimetals announced on Tuesday evening that on June 13, 2017, its subsidiary Huaxing Global and Ruilinadi Co., Ltd. entered into an agreement, under which Huaxing Global conditionally agreed to acquire the mining rights of a copper lead mine in Myanmar for a total consideration of RMB 49 million.

The announcement shows that the mining right can be used for mineral mining and development in the No. 2 mining area of Hongtukeng Mountain in Bogashan Village, Jiaose Town, Mandalay Province, Myanmar, covering an area of approximately 49.59 acres, from December 24, 2014 to December 23, 2019. The storage capacity of copper and lead in Myanmar mines is classified as 331, 332, and 333, with an estimated resource of 1.2845 million tons.

The announcement stated that the acquisition reflects the company's strategy of investing in non-ferrous metal resources. The company believes that Myanmar is one of the most important emerging investment markets outside of China. The acquisition is consistent with the group's business strategy and will enable the group to further increase its existing lead and copper reserves and resources.