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Sinofert to Acquire Phosphate Producer in China

4:31 AM MST | January 9, 2012 | Deepti Ramesh

Sinofert (Beijing) says it has entered into an acquisition agreement with Sichuan Lomon Corp. (Chengdu, China) and Tibet Longsheng Investment Management, to acquire phosphate producer Xundian Lomon Phosphorus Chemical Co., for Rmb1.38 billion ($219 million). Sichuan Lomon holds 10% and Tibet Longsheng holds 90% stake in Xundian Lomon. Xundian Lomon is mainly involved in the exploration, mining and production of phosphate products. Xundian Lomon currently owns one phosphate mine with mining license, and four phosphate mines with exploration licenses in Yunnan...

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