China’s Huamao Group to establish mining subsidiary with RMB 450 million

The board of directors of Anhui-based Chinese company Huamao Group have decided to establish a mining subsidiary with an investment of RMB 450 million ($70 million), as reported by 21st Century Business China on August 10.

Meanwhile, Huamao Group recorded RMB 455 million ($71 million) in revenues in the first half of 2011, indicating a year-on-year increase of 715 percent.