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Shandong Province-based Chinese iron ore miner Jinling Mining Co. has stated that it plans to purchase a 40 percent stake in Zibo, Shandong Province-based Jinding Mining Co. from the latter's biggest shareholder Jinling Iron Mine Co. for a consideration of RMB 1.076 billion ($170.79 million).
 
According to the information provided by Shandong Property Rights Exchange Center, on February 3 Jinling Iron Mine opened a tender for the sale of its stake in Jinding Mining with an initial offer price of RMB 1.058 billion. In May 2001, Jinding Mining was set up by Jinling Iron Mine, China Metallurgical Geology Bureau Shandong office and Hongda Mining Co., with respective shareholdings of 40 percent, 30 percent and 30 percent.