Xiamen Tungsten (SHA:600549) plans to acquire 69% of Jiujiang Dadi Mining Development for 294.9 million yuan, according to a Shanghai bourse filing on Wednesday.
Dadi Mining Development, a mineral exploration and mining development company, is still in the early exploration stage and has no production and operation revenue.
The stake will be bought from Jiangxi Jutong Industrial, a related party, and Beijing Shangdaxin Investment.
The tungsten carbide manufacturer's shares rose 1% during the morning trade.
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