Hunan lifts stake in Abra to over 64%

Chinese zinc and tungsten producer Hunan Nonferrous Metals Corp has increased its stake in Abra Mining Ltd to 64.7 per cent, its second significant boost for this week.

The acquisition of a further 20.5 million shares priced at 83c each as stated in its takeover offer puts the Chinese company within reach of its targeted 70 per cent acquisition.

Abra's board of directors have already accepted the offer, which is due to close on July 18.