Shanghai Securities News, citing a company filing reported that Shandong Jinling Mining plans to bid for the 40% stake in Jinding Mining from majority shareholder, Shandong Jinling Iron Ore, for up to CNY 1.08 billion.

The target company mainly explores for iron ore and sells the iron ore to three shareholders in accordance with their shareholdings.

Following the transaction, Shandong Jinling Iron Ore's assets related to iron ore processing will be injected into Jinling Mining.

Shandong Jinling Iron Ore had put up the 40% stake for sale for CNY 1.06 billion.

Jinding Mining produced 544,500 tonnes, 679,900 tonnes and 801,000 tonnes of iron ore during the 2008-2010 period.

(Sourced from www.capitalvue.com)