|China Molybdenum to Sell 70% of Kunyu Mining to Zijin Mining
China Molybdenum Co., Ltd. inked a contract to sell 70% of Luoyang Kunyu Mining Co., Ltd. to Zijin Mining Group Co., Ltd. for CNY 700 million.
Luoyang Kunyu has five gold mine mining rights and all mining areas of it have been qualified for mining and operate normally. Gold resource volume of the five gold mines reached 56.92 tons as at December 31, 2013, with average grade of 4.3gram per ton. Gold reserve was 3,787.33 kilos, with average grade of 3.92 gram per ton.
China Molybdenum is expected to earn about CNY 281.11 million from the deal.