Liuzhou China Tin group, China’s second largest integrated tin producer and the world’s number seven refined tin producer, plans to achieve “A” listing on the Shanghai stock exchange via an acquisition of Henan Oriental Silver Star Investment Co. Ltd. Trading in the shares of the listed company were suspended on 30 June and it subsequently announced that its controlling shareholder had agreed to sell all its shares to the investment arm of the Guangxi Nonferrous Metals group. China Tin is part of the Guangxi Nonferrous group and the plan is to inject all its tin assets into Oriental Silver Star and then sell off the listed company’s existing real estate assets.
The Guangxi Nonferrous Group was formed last year to consolidate six local companies, of which China Tin is by far the largest, accounting for 83% of combined sales in 2008. China Tin’s turnover last year was 5.3 billion yuan (US$775 million), when the company produced 12,037 tonnes of tin. It is also a significant producer of lead, zinc, indium, antimony and silver.
