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Yue Da Mining to sell mining rights in industry switch

Yue Da Mining Holdings Ltd. agreed to divest its investment holding subsidiary Absolute Apex Ltd., in a bid to quit the mining business and switch to the business of commercial factoring.

The company said May 28 that it agreed to sell the unit to Yue Da Group (H.K.) Co. Ltd. for 140 million Chinese yuan.

The unit is a 70% shareholder of Tong Ling Guan Hua Mining Co. Ltd., which owns mining rights over the Anhui Tong Ling Liangshishan iron-gold mine and the Qizichong gold mine in China's Anhui province.

Tong Ling Guan suspended its mining operations in 2017 due to cost pressures as new laws and regulations came into force relating to the preservation of mines.

Yue Da Mining intends to use the 137.5 million yuan of net proceeds to settle a loan owed to Yue Da Group, amounting to HK$363.2 million.

As of May 28, US$1 was equivalent to 6.40 Chinese yuan.