Baogang to buy outstanding shares in its Guyang mine

Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang Group) has announced that it has decided to purchase all outstanding shares in its Guyang mine in order to optimize its own asset structure. In 2012, the mine's output of iron ore concentrate amounted to 231,600 mt, while it produced 2.4 million mt of iron ore pellets. As of the end of 2012, the Guyang mine's net assets totaled RMB 724.5133 million ($118.19 million) in value, while in the given year its sales revenue amounted to RMB 524.7902 million ($85.61 million), while it recorded a net profit of RMB 66.9794 million ($10.93 million). Baogang stated that the purchase price for the outstanding shares would be confirmed after evaluation.