(Yicai Global) Dec. 28 -- Hainan Mining’s shares surged by the exchange-imposed daily trading limit after the Chinese miner and mineral processor said it plans to spend CNY1.1 billion (USD163 million) buying the rest of Australia's Roc Oil.

Hainan Mining [SHA: 601969] closed up 10 percent at CNY7.54 (USD1.08) a share today, giving it a market capitalization of CNY15.3 billion (USD2.2 billion).

A unit of Hainan Mining will purchase the 49 percent of Roc Oil it does not already own from Fosun International, the Hainan province-based firm said late yesterday. The deal is subject to approval by Hainan Mining's shareholders as well as regulators in China and Australia.

Hainan Mining bought 51 percent of Roc Oil, an independent upstream oil and gas explorer and developer, in 2019, and added oil and gas to its main businesses.

The Sydney-based firm owns the rights to major oil and gas projects in China's Sichuan province, the Pearl River Mouth basin in the eastern South China Sea, the Beibu Gulf in the western South China Sea, the Bohai Bay in northeastern China's Bohai Sea, as well as in Malaysia and Australia.

Fosun International owns more than 46 percent of Hainan Mining through its affiliates Shanghai Fosun Industrial Investment and Shanghai Fosun High Technology Group.

Editor: Futura Costaglione