HK Stock Market Move | CHINFMINING (01258) opens over 5% higher, further acquisition of the share capital of SM Minerals in Kazakhstan.

CHINFMINING (01258) opened more than 5% higher, as of the time of writing, it has risen by 5.43% to HK$15.15, with a turnover of HK$133.942 million. On the news front, on December 19, CHINFMINING announced that as of the date of the announcement, the company collectively holds 15% of the issued share capital of SM Minerals. On December 19, 2025, the company entered into a share purchase agreement with the original shareholders to acquire 64,700 shares of SM Minerals (representing 55% of the issued share capital of SM Minerals) for a purchase price of US$89 million. After the signing and completion of the share purchase agreement, the company will collectively hold 70% of the issued share capital of SM Minerals. As of the date of the announcement, the ore resources in the Kalabbei North mining area are 384 million tons, with a metal copper content of 1.58 million tons and an average grade of 0.41%. Among them, the confirmed and controlled metal copper is 940,000 tons, accounting for approximately 60%. The average grade of associated gold in the project is approximately 0.1g/t. Due to the lag in historical gold assay work, the qualified report does not include the amount of associated gold resources. Since July 2025, the company has completed field work for resource estimation, and will further disclose updated copper metal resources and associated gold situation after the estimation of resource quantity is completed. The preliminary estimate of the project construction scale is an open-pit ore processing capacity of 14 million tons/year, with the final product being copper concentrate, achieving an annual production of approximately 45,000 tons of copper concentrate. The Kalabbei South deposit is still in the early stages, with only inferred resources confirmed at the moment. The preliminary plan is to complete the feasibility study and preliminary design of the Kalabbei North mining area in 2027, start construction in 2027, and start production in 2029, providing strong support for the company's increase in reserves and production.