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Zhongjin Gold to Inject Capital Into Affiliate to Fund Land Rights Use for Mine

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Zhongjin Gold (SHA:600489) will inject about 752 million yuan in additional capital into affiliate Zhongjin (Hotan) Mineral Development, according to a Wednesday disclosure to the Shanghai Stock Exchange.

The capital injection, proportional to the listed company's 30% stake in the affiliate, will help cover proceeds from the transfer of exploration rights to the Tugenmansu Gold and Copper Mine Project in Xinjiang, China, as the existing registered capital is insufficient to cover proceeds for the transfer.

Zhongjin (Hotan) Mineral Development recently won the bid for the project with a transaction price of about 2.51 billion yuan. The company is involved in mineral resource exploration and mining.

Shares rose 1% during morning trading on Wednesday.

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