Zhaojin Mining Industry to Form JV Firm with Three Parties

MT Newswires Live10-09

Zhaojin Mining Industry (HKG:1818), Shandong Zhaojin Group, Zijin Mining Investment (Shanghai), and Ningbo Meishan Bonded Port Ransheng Shengtong Investment Partnership have agreed to form a joint venture company, a Wednesday bourse filing said.

The parties will contribute 220 million yuan, 400 million yuan, 100 million yuan, and 180 million yuan to the JV firm to be named Ruining Mining, representing roughly 24.4%, 44.5%, 11.1% and 20%, respectively, of its registered capital.

The JV company will mainly engage in the acquisition, integration, reorganization, and development of gold resource projects in local and international markets.

Shandong Zhaojin Group is a controlling shareholder of Zhaojin Mining Industry, with Zijin Mining Investment (Shanghai) being a substantial shareholder and Ningbo Meishan Bonded Port Ransheng Shengtong Investment Partnership a third party.

Shares of the miner closed nearly 3% lower on Wednesday.

Price (HKD): $13.22, Change: $-0.38, Percent Change: -2.79%

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