Sinostone (Guangdong) (SHE:001212) subsidiary Zhongqi Mining has signed a mining rights transfer contract with Hechi authorities in China's Guangxi Zhuang region.
The contract expands the stone materials maker's Luocheng County quartz mine area to 5.0 square kilometers from 3.0 square kilometers, according to a Friday filing with the Shenzhen bourse.
The resource base increased to 8.3 million tons from 7.5 million tons, while annual production capacity doubled to 400,000 tons from 200,000 tons.
Shares of Sinostone (Guangdong) closed 3% lower Friday.
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