(Yicai Global) Oct. 28 -- China's Naipu Mining Machinery has received an order of USD16.3 million from Zangezur Copper Molybdenum Combine, the largest miner and processor of copper and molybdenum ores in Armenia, amid its expansion in Europe.

The Chinese mining equipment manufacturer signed a sales agreement with Zangezur's affiliate called Zangezur Copper-Molybdenum Plant CJSC involving machinery and parts for the latter's mineral separation project in the country between Asia and Europe, the Jiangxi province-based firm said in a statement yesterday, without disclosing more details about the products. The project's annual processing capacity is 5.4 million tons.

The deal should enhance Naipu's brand influence overseas so as to further explore international markets, it said. Naipu, which counts Chinese mining giants Jiangxi Copper and Zijin Mining Group, as well as Kazakhstan’s KAZ Minerals, as some of its clients, intends to set up a unit in Serbia to build a production base to serve clients in Eastern Europe and North Africa, it added.

The news failed to spur a stock price rally as Naipu [SHE:300818] dropped 5.7 percent to close at CNY29.8 (USD4.10).

Editor: Emmi Laine, Xiao Yi