Bloomberg reported that Hong Kong-based China Yunnan Tin Minerals Group (HKG:0263) is planning to buy two open-pit iron ore mines in China for US$155 million, after one of its facilities closed due to an accident.
As quoted in the market news:
The company will pay HK$690 million cash, 1.05 billion new shares and HK$300 million of five-year zero-coupon convertible bonds to Mega Marks Ltd., owner of the mines and an ore-processing plant in western China’s Xinjiang region, according to a Hong Kong stock exchange filing yesterday evening.
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