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GuoCheng Mining Eyes Up to 600 Million Yuan Share Repurchase; Shares Up 5%

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GuoCheng Mining (SHE:000688) plans to repurchase between 300 million yuan and 600 million yuan of shares for up to 12 months, according to a Wednesday disclosure to the Shenzhen Stock Exchange.

The mining company plans to repurchase between 6.7 million and 13.3 million shares at a maximum price of 45 yuan per share, representing 0.56% to 1.13% of its total share capital.

The shares will be used for an employee stock ownership plan and an equity incentive plan, the company said. GuoCheng Mining may cancel the shares if they are not used for those purposes within 36 months.

Shares rose 5% during afternoon trading on Wednesday.

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