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Western Mining undertakes 2B yuan debt-for-equity swap

Western Mining Co. Ltd. completed a debt-for-equity swap for replacement of debt worth 2 billion Chinese yuan, in which the company brought in the loan asset management units of Agricultural Bank of China and Industrial and Commercial Bank of China as investors, according to a Dec. 18 statement.

The company said the two state-run lenders each invested 1 billion yuan to own a 22.725% stake in its unit Sichuan Huidong Daliang Mining Co. Ltd.

After the rights issue, Western Mining remains as Sichuan Huidong's controlling shareholder with a 54.55% equity interest.

As of Dec. 18, US$1 was equivalent to 7.00 Chinese yuan.