BEIJING, July 27 (Xinhua) -- Zhongjin Gold Corporation Limited (600489.SH) said on late Monday that it will buy a 100-percent stake in the Lingyuan Rixing Mining Corp for about 372.26 million yuan from the China National Gold Group Corporation and the China National Gold Group Liaoning Corp.
The Shanghai-listed company is a subsidiary of the China National Gold Group, while the China National Gold Group Liaoning Corp is a wholly-owned subsidiary of the group. Therefore, the transaction constitutes a related transaction.
Last year, the Lingyuan Rixing Mining Corp saw its net profits stand at about 1.44 million yuan. The company earned a net profit of 6.02 million yuanin the first quarter of 2015.
The Lingyuan Rixing Mining Corp owns a gold mining area in Lingyuan city, Liaoning province. By the end of October 2014, its gold mine was estimated to have 9,614 kg of gold with average grade at 5.45 g/metric ton (tonne), according to a filing to the stock exchange. (Edited by Hu Pingchao, hupingchao@xinhua.org)
A single purchase
