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Xinjiang Baodi Mining Purchases 66% Stake in Iron Mine Owner

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Xinjiang Baodi Mining (SHA:601121) bid to purchase a 66% stake in Xinjiang Kaihong Investment from Shougang Yili Iron & Steel for 1.25 billion yuan, according to a Wednesday filing with the Shanghai bourse.

The transaction was made through a public listing on the Beijing Equity Exchange, with the stake subject to a judicial freeze prior to the purchase.

Kaihong Investment will then become a subsidiary of the mining company.

Kaihong subsidiary owns the mining and deep exploration rights for an iron mine in Hejing County in the Xinjiang Uygur Autonomous Region, China.

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