Guangdong Rising Assets Management, the controlling shareholder of Shenzhen Zhongjin Lingnan Nonfemet Company (000060) and effective controller of Rising Nonferrous Metals (600259), intends to spend ￡330 million to acquire a 100-percent stake in Australian company Caledon Resources at ￡1.12 per share, reports China Securities Journal, citing a company filing.

Caledon Resources’ two major coal mines in Queensland now have minimum resources volume of 1.622 tons, most of which mine coking coal.

Rising Assets Management previously spent $186 million to acquire a 19.9-percent stake in Pan Australian.

Zhongjin Lingnan Nonfemet invested in Australian company Perilya in February 2009 and spent CN$ 184 million to acquire GlobeStar Mining Corp through Perilya in December 2010.