China Nonferrous Metal Industry’s Foreign Engineering and Construction arm have announced that they have increased their stake in the Australian mining company Terramin Australia Ltd in a deal believed to be worth around $5 million (£3 million).

Terramin will sell over 12 million shares to the company at a value of around 20-25p per share, increasing their holdings to 14.38% of the company in the process according to a statement released on the Shenzhen Stock Exchange.

Terramin will use the share sale proceeds to develop two zinc and lead mining projects, the statement added.