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Sinomine Resource to Receive 300 Million Yuan in Guarantees from Subsidiary for Credit Facility; Shares Down 7%

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Sinomine Resource Group's (SHE:002738) subsidiary, China Mining Resources (Jiangxi) New Materials, agreed to provide guarantees of up to 300 million yuan to the company for a credit facility of the same amount, according to a Shenzhen bourse filing on Saturday.

The Chinese mining company's shares dipped 7% during Monday's afternoon trade.

The company will apply the credit at China Minsheng Banking (SHA:600016, HKG:1988).

The guarantee is valid for three years from the date the debt repayment obligation becomes due.

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