Inner Mongolia Xingye Silver & Tin Mining (SHE:000426) plans to acquire 85% of Yubang Mining for 2.39 billion yuan, according to a Shenzhen Stock Exchange disclosure on Saturday.
The stake will be bought from Guocheng Mining, Li Zhenshui and Li Liyang.
Yubang Mining's core asset is the silver-lead mine in the Shuangjianzishan Mining Area in Balinzuoqi, Inner Mongolia Autonomous Region, China.
After the completion of this transaction, the mining company will become the controlling shareholder of Yubang Mining.
The company's shares dropped 2% in recent trade.
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