Shenghe Resources (SHA:600392) subsidiary Chenguang Rare Earth agreed to fully acquire Australia's Peak Rare Earths for AU$158 million.
The acquisition, including the previously held 19.86% equity, aims to accelerate development of the Ngualla rare earth project in Tanzania, according to a Thursday filing with the Shanghai bourse.
The deal is subject to regulatory approvals from China, Tanzania and Australia.
Shares of Shenghe Resources were down 4% in recent trade.
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