CNGGC to buy stake in Xinjiang gold firm
Updated: 2012-02-28 13:54
(Xinhua)
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BEIJING - The China National Gold Group Corp (CNGGC) said Tuesday that it plans to pay 108.5 million yuan ($16.79 million) for a 51-percent stake in a Xinjiang-based gold company.
The deal will give the country's largest gold producer access to a gold mine in Toli county in northwest China's Xinjiang Uygur autonomous region, according to a statement filed to the Shanghai Stock Exchange.
The mine is estimated to contain over 9,600 kg of gold, the statement said.
The mine is worth 154.62 million yuan, the China United Assets Appraisal Group said in an assessment report.
Shares of the company slid 1.69 percent to close at 23.31 yuan during Tuesday's morning trading.
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