Western Gold (601069.SH) plans to acquire 100% of Xinjiang Meisheng's shares for 1,655 billion yuan

Zhitong Finance App News, Western Gold (601069.SH) announced that the company used its own capital and loans to acquire 100% of the shares of Xinjiang Meisheng Mining Co., Ltd. (“Xinjiang Meisheng”) held by Xinjiang Nonferrous. After the transaction is completed, Xinjiang Meisheng will become a wholly-owned subsidiary of the company. The transaction price of this transaction was $1,655 million, and the premium compared to book value was 1,421.66%.

The Xinjiang Meisheng Katbaasu Gold and Copper Mine has now been proven to have a total ore volume of 25.67 million tons (including 78.7 tons of gold resources). After the project is completed and put into production, it will achieve a production scale of 4,000 tons/day, an annual output of 1.2 million tons of ore, and about 3.3 tons of gold metal. It has good development prospects. The acquisition of the company is in line with the company's overall development strategy.