On May 16, Chinese special steel producer Liaoning-based Fangda Special Steel announced that it is planning to buy a 74 percent stake in South Africa-registered mining exploration company Boboko Investment (Boboko), while it will thereby acquire Boboko's exploration rights for the Mokopane Iron Mine and Phalaborwa Copper Mine in South Africa.
The cost of the transaction is $3 million. As of August 31, 2011, Boboko had no assets and had debts of RMB 133, 630.53 (21,127,489 $).