Western Mining Co., China's fourth- largest producer of zinc concentrate, said it will pay 348 million yuan ($51 million) to its parent to acquire a mining interest in northern Inner Mongolia province.

    The Qinghai-based company will buy the 50-percent stake in Inner Mongolia Shuangli Mining from Western Mining Group to develop copper resources and expand into non-ferrous metal production, it said in a statement to the Shanghai Stock Exchange.

    The proposal was approved by the board of directors, it said.