China Molybdenum Transfers 70% Interest in a Gold Miner to Zijin Mining for $113 Mln

SHANGHAI, Apr. 16 (SMM) – China Molybdenum Co. entered into an agreement to transfer 70% equity interest in Luoyang Kunyu Mining Co. to Zijin Mining Group Co. for 700 million yuan ($113 million).

Kunyu Mining owns five mining rights of gold mine covering total area of 51 square kilometers in Luoning county, Henan province, and one exploration right of gold mine covering 5 square kilometers, China Molybdenum said in a filing to Shanghai Stock Exchange today.

Kunyu produced 1,440 kilograms of gold in 2013, it said.