Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) has announced that it plans to transfer 100 percent of shares in Sichuan-based Pangang Group Mining Co. Ltd ( Pangang Mining), 70 percent of shares in Sichuan-based Pangang Titanium Industry Co., Ltd (Pangang Titanium) and all its sponge titanium project to Sichuan-based Pangang Group Co., Ltd (Pangang Group).
Meanwhile, Pangang Vanadium & Titanium plans to transfer to Liaoning Province-based Ansteel Mining 100 percent of shares in Liaoning-based Ansteel Qianshan Mining Co. Ltd, 100 percent of shares in Ansteel Macao Company and 100 percent of shares in Ansteel Hong Kong Company.
Accordingly, all these assets have been estimated at a value of RMB 8.941 billion ($1.35 billion).