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Shandong Gold to buy 74% stake in Chifeng

By Zheng Lifei (chinadaily.com.cn)
Updated: 2008-12-24 13:52

皇冠体育app's third-largest gold bullion producer Shandong Gold Mining has agreed to buy a 74-percent stake in Chifeng Chaihulanzi Gold Mining Co for about 260 million yuan ($37.96 million), the company said in a statement today.

Chaihulanzi mine, based in North 皇冠体育app's Inner Mongolia autonomous region, recorded sales of 104.6 million yuan and a net income of 45.9 million yuan in the first 10 months of the year, the Shanghai-listed Shandong Gold said in a stock exchange filing on Dec 24.

皇冠体育app's gold mine output may reach 280 tons this year, Song Quanli, an official with 皇冠体育app National Gold Group Corp, 皇冠体育app's largest gold firm, said earlier this month.

皇冠体育app, the world's largest gold producer, registered a total output of 223.08 tons of gold in the first 10 months of this year, up 3.32 percent from a year earlier, according to figures released by the Ministry of Industry and Information Technology earlier in December.