(Yicai Global) Oct. 24 -- China's Zijin Mining Group has acquired an 84 percent stake in the owner of what is expected to become Asia's biggest molybdenum mine for CNY5.9 billion (USD813.6 million), marking its third large investment in less than two weeks.

Zijin Mining entered a transfer of interest agreement with Anhui province-based Jinmu Geology and Mineral Resources Investment, the Fujian province-headquartered buyer said in a statement recently.

China has the largest molybdenum reserves and it is also one of the largest consumers of the mineral most recently used in the equipment for renewables such as solar and wind power. China's molybdenum capacity reached 10,080 tons last year, and it consumed 11,140 tons of the metal also used in alloys, according to a report from QY Research.

Jinmu owns rights to the Shapinggou mine, which is slated to become the largest molybdenum and polymetallic mine in Asia and one of the biggest in the world. It has 2.5 million tons of molybdenum reserves, according to exploration data.

The Shapinggou project in eastern China's Anhui province is expected to be ready in 54 months, costing a total of CNY7.2 billion. It should eventually be able to produce molybdenum concentrate containing 27,200 tons of molybdenum each year.

Zijin Mining has been busy announcing big acquisitions. On Oct. 12, it said it will spend CNY4 billion to buy a 30 percent stake in a company that has the rights for the largest domestic gold mine still under construction. On Oct. 19, it announced a USD360 million purchase of the Rosebel Gold Mine in Suriname, one of the biggest gold mines in South America.

The developer of gold, copper, and battery materials needs to finance its enlarging explorations so on Oct. 22, Zijin Mining revealed a convertible bonds issuance scheme of CNY10 billion (USD1.4 billion) for three mining right purchases. Moreover, one-tenth of the proceeds should go into expanding the capacity of the Aurora Gold Mine in Guyana it acquired in 2020.

Zijin Mining's stock price [SHA: 601889] rose by 1.5 percent to CNY8.05 (USD1.10) as of noon. Its Hong Kong-listed shares [HK:2899] were flat at HKD7.73 (USD1).

Editor: Emmi Laine, Xiao Yi