US Stock Market Move | Zijin Mining Group ADR (ZIJMY.US) rose more than 7% and is currently in talks with the two major shareholders of Zangge Mining regarding a possible acquisition.

On Monday, Zijin Mining Group ADR (ZIJMY.US) saw its stock price rise by over 7%, reaching $41.7 at the time of writing. Zijin Mining Group recently disclosed that the company is in talks with the two major shareholders of Zangge Mining regarding a potential acquisition, further expanding the company's presence in the lithium resource market. According to the announcement of the potential acquisition released by Zijin Mining Group, the company is in discussions with the first and second largest shareholders of Zangge Mining namely, Tibet Xingji Investment and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management Company regarding the potential acquisition, which may involve a change in control of Zangge Mining. These two major shareholders collectively hold approximately 40% of Zangge Mining's shares, and are looking to transfer approximately 24.72% of the shares. Zangge Mining is valued at approximately 46.6 billion RMB (6.4 billion USD). Zangge Mining primarily produces potassium fertilizer, but one-third of its revenue comes from lithium extraction operations, mainly concentrated in the resource-rich Qinghai Salt Lake region of western China. In the first 9 months of 2024, Zangge Mining reported a production of 9,278 tons of lithium carbonate.