Hong Kong-based Burwill Holdings Limited (BURWILL) has announced that its wholly-owned subsidiary Parkway Mining of BURWILL has completed the exercise of stock options before June 20 to subscribe to additional new shares of the Laiyang, China-based Tai Xin magnetite project at a cost of RMB 259 million ($39.8 million) in cash. Accordingly, the stake of BURWILL in the magnetite project has increased from 51 percent to about 70 percent.
Within the scope of the Tai Xin magnetite project, two iron ore processing plants are being built with respective capacities of 1.5 million mt and 5 million mt. In addition, RMB 30 million ($4.6 million) is to be invested in the current year in mining in Lujiazhuang, Tiekuangzhuang and other three mining areas.