China Yunnan Tin Minerals Group (0263.HKG) will pay US$155 million (HK$1.2 billion) to purchase two iron-ore mines in Xinjiang from Mega Marks after suffering a shutdown in production at existing plants, Bloomberg reported, citing a company filing. Its mining activity has been suspended since February last year due to a local government order for a complete review of mining operations following a ‘serious geological disaster’ caused by one of its mines. Adding the new iron-ore mines will boost sales, it said. The company last posted a semi-annual profit in the first half of 2009.
Categories