CITIC Guoan Industrial Group Co., Ltd. entered into entered into an equity transfer agreement to acquire 65.10% stake in Xinjiang Luomu Mining Co., Ltd from CMOC Group Limited (SEHK:3993) for CNY 2.9 billion on June 19, 2024. A cash consideration of CNY 2.9 billion will be paid by CITIC Guoan Industrial Group Co., Ltd. As part of consideration, CNY 2.9 billion is paid towards common equity of Xinjiang Luomu Mining Co., Ltd.

As of April 30, 2024, Xinjiang Luomu Mining Co., Ltd reported total assets of CNY 1.34 billion and total common equity of CNY 1.34 billion.

The transaction is subject to approval of offer by shareholders of Xinjiang Luomu Mining Co., Ltd, and the deal has been approved by board of directors of CMOC Group Limited.