HK Stock Market Move | Yankuang Energy Group (01171) fell nearly 4% at the close. The company plans to acquire Highland Resources to obtain high-quality potash resources in Spain.

Yankuang Energy Group (01171) fell by nearly 4% at the close, dropping by 3.63% to HK$9.83 as of the time of writing, with a trading volume of HK$1.365 billion. On the news front, Yankuang Energy Group announced that on September 23, 2024, the company signed an implementation agreement and share subscription agreement with the Australian listed company Highlands Resources HFR. Yankuang Energy Group will acquire new shares of Highlands Resources through asset injection and cash subscription, becoming the largest shareholder of Highlands Resources after the transaction and controlling the board of directors. It is reported that the company will hold the Muga project, Soxi project, and several other undeveloped reserve projects through Highlands Resources. After the completion of the Muga and Soxi projects, Yankuang Energy Group will transition from single coal mining to the development of multiple mineral types by controlling Highlands Resources and possessing an annual production capacity of 3.8 million tons of potash.