SHANGHAI, Jul. 8 (SMM) - Logistics company Yangtze River Investment Industry Co. planned buy a 60% stake in a copper mining company located in China’s Anhui province for about 48 million yuan ($7.8 million).
Yangtze River will buy the stake in Anqing Wanyu Mining Co. from Delong Minerals Industry Co. by agreement on Shanghai United Assets and Equity Exchange, the company told Shanghai Stock Exchange over the weekend.
Anqing Wanyu has mining rights in two local copper mines as well as exploration rights in a third mine of the red metal.
Still under construction, the mines are expected to start produce ores six months after the equity transaction and are scheduled to reach a capacity of 150,000 tpy in another three months, Yangtze River said in the statement.