Newton Resources Ltd said Dec. 31, 2019, that it agreed to sell its subsidiary, an investment holding company with a principal operating subsidiary that includes Xingye Mining, owner and operator of the Yanjiazhuang iron ore mine in China, for HK$109 million.

Under the deal, the purchaser, Accord Hero Ltd., will pay HK$1 million upon signing of the sale and purchase agreement, to be followed by HK$54 million on or before Jan. 31, and the balance of HK$54 million upon completion.

Sale completion is expected to take place June 30.