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CHINA - Sparton sells off Lincang assets
A major Chinese germanium producer has purchased Sparton Resources’ production assets within the Lincang district for Can$2.16 million. The purchase by Yunnan Lincang Xinyuan Germanium Industry Stock Company includes Sparton’s Huajun mining licence and associated infrastructure. The Huajun germanium/coal production facility is China’s fourth largest.
Sparton recently renewed the mining licence for a further nine years, after the facility was placed under care and maintenance for the last 12 months as government policy changes were introduced. Xinyuan is China’s largest germanium producer and is also based in the Lincang area.
Sparton says the sale was prompted by Chinese government policy changes which mandated the consolidation of small coal mining operations into the control of larger operators.
“Implementation of this policy has been the responsibility of various provincial and local governments where small coal mining operations exist, and although Huajun produces germanium concentrates it is operated as a small coal mine with a coal mining licence and related coal mine safety protocols,” says Sparton’s president Lee Barker.
The Lincang Local Government oversaw the sale of the assets, which is the final acquisition for Xinyuan in the region. The transaction is expected to be finalized once the transfers of the mining licence and operating permits are completed.
https://www.asiaminer.com/magazine/current-news/4872-china-sparton-sells-off-lincang-assets.html