Fangda Special Steel Technology Co Ltd announced its plans for buying Anshan Annan Mine Co Ltd and Shenyang Xingjiang Investment Co Ltd.

According to Fangda Special Steel, its controller, Liaoning Fangda Group, plans to acquire the two companies and inject them into it at right time.

Fangda Group sends a notice to Fangda Special Steel that the group will soon buy in the two companies. It’s mentioned in the notice that Anshan Annan Mine Co Ltd has the exploration right of Fulaitun Mine, which covers 25.8157 million tonnes of iron ores with the average Fe content at 32.93%; Shenyang Xingjiang Investment Co Ltd also finds a mine of 50.99866 million tonnes of iron ores with the average Fe content at 26.4%.

Fangda Group prepares to take up 100% stake of the two companies, and promises to inject the two companies into Fangda Special Steel after helping the two companies win mining license.

(Sourced from Shanghai Securities News)