Fangda Special Steel Technology is to invest US$3M to buy a 74% stake in the South Africa based mining exploration company Boboko Investment and acquire Boboko’s exploration rights for the Mokopane Iron Mine and Phalaborwa Copper Mine.

An approval document released by Jiangxi Development and Reform Commission announced the deal. The Shanghai-listed company will also invest US$25M to explore the mines.

Source: China Metals e-mail