(Yicai) March 15 -- Shares of Sinomine Resource Group surged after the Chinese miner said it plans to buy a majority stake in a copper mine in Zambia for USD58.5 million to expand its overseas resources.

Sinomine [SHE: 002738] closed 6.8 percent up at CNY40.79 (USD5.67) in Shenzhen today.

Sinomine’s unit African Minerals will buy a 65 percent stake in Junction Mining from Momentum Ventures and Chifupu Resources, the Beijing-based parent company announced today.

Junction’s main asset is the Kitumba copper project in Zambia, which has 27.9 million tons of proven copper mineral resources, according to an estimate from a report released in 2015 by third-party independent organization MSA Group. The firm owns mineral rights to an area of 248 square kilometers, valid from November 2014 to November 2039.

After the transaction, Sinomine will hold a 65 percent stake in Junction and the same percentage in the Kitumba copper mine project, the firm added.

Founded in 1999, Sinomine is a Chinese mining group with a whole industrial chain of mineral resources. Its business covers more than 40 countries and regions worldwide.

Editor: Futura Costaglione