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Shengda Resources Boosts Stake in Silver Mining Facility in Inner Mongolia, China

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Shengda Resources (SHE:000603) will purchase a 20% stake in Arukorqin Banner Deyun Mining from an employee for 87.1 million yuan, according to a Tuesday filing with the Shanghai bourse.

The company also intends to purchase the employee's receivables from Deyun Mining for 31.1 million yuan.

Upon completion, Shengda Resources' stake in in Deyun Mining will rise to 74% from 54%, making the mining company a controlling subsidiary.

Deyun Mining holds silver polymetallic mining rights in the Bayanbaoleg mining area of ​​Arukorqin Banner, Inner Mongolia Autonomous Region. It also holds exploration rights to a lead-zinc polymetallic mine, the filing said.

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