Sinosteel inks US$690m Cameroon iron deal

CHINA’S Sinosteel Corp. has inked a US$690 million contract to exploit an iron ore mine in southern Cameroon, Bloomberg reported yesterday.

Zheng Zhengao, who heads Sinosteel’s Cameroonian subsidiary, was quoted as saying that Sinosteel will produce 10 million tons of ore annually containing 33% iron from the Lobe mine. It will then enrich the output to produce 4 million tons of high-grade ore with more than 60% iron content, Zheng said. Sinosteel signed a 50-year contract with Cameroon’s government to exploit the Lobe deposit, which contains an estimated 632.8 million tons of iron ore. The deal is regarded as part of China’s efforts to cut its reliance on Australian and Brazilian ore.

China Mengniu plans to raise stake in Yashili

YASHILI International Holdings Ltd.’s Hong Kong-listed shares jumped yesterday after its controlling shareholder China Mengniu Dairy Co. said it intends to raise its stake in Guangzhou-based Yashili by acquiring shares held by Danone S.A.

China Mengniu said it would raise its stake in Yashili, a maker of dairy and nourishment products, to 76% from 51% by buying Danone’s interest in the company. It said it would also make an offer to buy remaining Yashili shares for HK$1.20 each (15 U.S. cents).

Riot Games files lawsuit against ByteDance unit

RIOT Games, owned by Shenzhen-based Tencent Holdings Ltd., has filed a lawsuit in the United States aganist Shanghai Moonton Technology Co., a unit of ByteDance Ltd., alleging it copied “Wild Rift,” the mobile version of its blockbuster “League of Legends” game, Bloomberg reported yesterday.

Shanghai Moonton was accused of lifting content and promotional material from the “League of Legends” franchises for its “Mobile Legends: Bang Bang” game, which has been downloaded more than 500 million times on Android. Riot Games claimed in a complaint, filed Monday in federal court in Los Angeles, that “Shanghai Moonton’s actions constitute copyright infringement.”

Geely to buy stake in Renault’s South Korea unit

CHINA’S Geely Automobile Holdings will buy more than a third of French automaker’s Renault’s South Korea unit for roughly US$200 million, Reuters reported yesterday.

The deal will allow Geely to buy a foothold in the South Korean auto market, which is dominated by local champions.