JES

JES - The counter has just announced plans to invest in potential mining assets as it is acquiring up to 30% stake in Mineriver for $127.0m. Mineriver is currently in the process of acquiring mineral exploration rights, and later the mining rights, for metals and minerals (including Magnesium and Nickel) in Xinjiang, China; to consider future listing The acquisition is staggered in three tranches; Mining value of the relevant assets estimated from Joint Ore Reserves Committee (JORC) report to be not less than $60b(measured plus indicated excluding inferred) for JES to invest and own a stake up to 30%. The group note that the latest move is in line with its strategy to have a more diversified portfolio of assets, thereby diversifying industry risk to build sustainable, long term revenue streams for the Group.