Guangdong special :Canadian miner latest in acquistion spree by Shenzhen metals group

Guangdong Rising Assets Management Co Ltd is continuing its acquisition spree in the nonferrous metals sector with the purchase of all outstanding common shares of Canada's GlobeStar Mining Corp through an Australian subsidiary that is itself a recent acquisition.

The holding company's zinc producer Shenzhen Zhongjin Lingnan Nonfemet Co Ltd now has a 50.1 percent stake in Perilya, an Australian metal mining and exploration company, which offered $1.65 in cash for each of 111.5 million shares in Globestar.

The mining company listed in Toronto had $72.8 million in revenues and a net profit of $2 million in 2009.