Guocheng Mining (SHE:000688) proposed to acquire 40% of Inner Mongolia Guocheng Industrial, according to a Shenzhen bourse filing on Saturday.
The Chinese mining company dropped 3% during Monday's afternoon trade.
The stake will be bought from CITIC Trust.
The company plans to apply for a loan amounting to 1.70 billion yuan with Industrial and Commercial Bank of China (HKG:1398, SHA:601398) to pay the consideration for the acquisition.
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