China Mining unveils $1b reverse takeover deal

MAINBOARD-listed China Mining International (CMI) is acquiring China Minerals Energy (CME) for around $1 billion as it seeks to transform itself from a property development company into a pure mining play through a reverse takeover deal.

CME is owned by China Geological Exploration Holdings (CGE) and investment holding company Guide True, which hold 51 per cent and 49 per cent of CME respectively.

Guide True's ultimate sha…