Shares of CMOC Group $603993.SS surged on Tuesday following the announcement that the Chinese mining giant will acquire Canadian mining company Lumina Gold $LUM.V for approximately CAD 581 million (USD 420.7 million) in an all-cash deal. This strategic acquisition is set to enhance CMOC's portfolio significantly by granting access to Lumina Gold's flagship asset, the Cangrejos gold project, located in Ecuador.

China Molybdenum Co., Ltd. (CMOC Group) $3993.HK, a leading player in cobalt and copper mining, has announced its intention to acquire Canadian Lumina Gold Corp. $LUM.V. The deal is valued at approximately CAD 581 million (or USD 420 million). This acquisition will provide CMOC with ownership of Ecuador's largest primary gold deposit.