Shandong Province based Chinese iron ore miner Jinling Mining Company has stated that it plans to purchase 40% stake in Zibo, Shandong Province based Jinding Mining Company from the letter's biggest shareholder Jinling Iron Mine Company for a consideration of CNY 1.076 billion.

According to the information provided by Shandong Property Rights Exchange Center, Jinling Iron Mine opened a tender for the sale of its stake in Jinding Mining with an initial offer price of CNY 1.058 billion. In May 2001, Jinding Mining was set up by Jinling Iron Mine, China Metallurgical Geology Bureau Shandong office and Hongda Mining Company with respective shareholdings of 40%, 30% and 30%.

(Sourced from Steel Orbis)
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