The Northparkes copper mine in Australia will be sold for US$820 million (£532.5 million). This is China Molybdenum’s first foray offshore and into copper.

This is the biggest Chinese mining deal since China Guangdong Nuclear Power Corp won control of the Husab uranium project in Namibia for about US$2.3 billion last year, according to China Molybdenum.

The stake in Northparkes is one of several assets Rio Tinto has put up for sale as it aims to slash US$5 billion in costs, pare debt and focus on its biggest, most profitable mines.

China Molybdenum has a market value of US$5 billion, and mainly produces molybdenum and tungsten.