The board of Jiangxi Province-based Chinese company Fangda Special Steel Technology Co., Ltd has announced that it has decided to buy stakes in five iron ore mining companies, all of which are based in Jiangxi Province.
Accordingly, Fangda Special Steel plans to purchase a 40 percent stake at a cost of RMB 11.7 million ($1.71 million) in Zhongyi Mining Co., Ltd, a 42 percent stake costing RMB 19.08 million ($2.79 million) in Donghang Mining Co., Ltd, a 50 percent stake in Jinhai Mining Co., Ltd for RMB 10 million ($1.46 million), a 60 percent stake in Jinxi Iron ore Co., Ltd for RMB 10.8 million ($1.58 million), and 50 percent in Hengshun Mining Co., Ltd at a cost of RMB 16.4 million ($2.4 million). The purchases will require a total of RMB 67.98 million ($9.96 million).