August 1 -- China Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC) (000758) filed it will subscribe 12.3 million shares offered by Australian subsidiary Terramin (TZN.ASX) at AUD 0.37 per share, totaling AUD 4.55 million, reports yicai.com. After the subscription, its holdings in the subsidiary will rise from 14.38 to 19.86 percent, and it will remain the majority shareholder.

Terramin owns the Angas Lead-Zinc Mine in Australia and the Tala Hamza Lead-Zinc Mine in Algeria.

NFC forecasts net profit of 100-130 million yuan in the first half because of surging rare earth prices. That would mark a major uptick from its losses of 43.21 million in the first half of 2010.

Separately, the company has relationships with Reed Resources (RDR.ASX) and Marengo Mining (TSX.ASX).

Source:capitalvue