China Minmetals has signed an agreement with Hunan Nonferrous Metals (HNG) Monday to acquire 51 percent of HNG's shares, boosting the country's reputation in nonferrous metals industry.

According to the transfer agreement signed on Monday, China Minmetals will acquire 2 percent of the HNG shares owned by the State-owned Assets Supervision and Administration Commission of Hunan Province.

Previously, China Minmetals signed a purchase agreement with HNG, offering 5.6 billion yuan ($819.9 million) to increase its shares in HNG to 49 percent on Dec. 24 this year.

Those two contracts in December enable China Minmetals to own 51 percent of HNG's shares, with the Hunan government holding the remaining 49 percent.

"During the following three or five years, HNG will take the lead in the antimony and tungsten industry and become the world's largest rare earth supplier," Zhou Zhongshu, CEO of China Minmetals, said Monday.

HNG owns the world's largest bismuth and tungsten reserves. It is also the world's largest antimony products supplier.

China Minmetals, the country's largest alumina importer and distributor, is the world's leading operator for antimony products.