Yue Da International Holdings Ltd. plans to divest its stake in the Baoshan Feilong lead-zinc-copper mine in China through the disposal of its Yuelong Ltd. unit, according to a May 23 release.
A public tender will start at the Shenzhen United Property and Share Rights Exchange on May 24 and end June 21. The initial bidding price was set at 230.8 million Chinese yuan.
Yue Da said the decision to sell was prompted by rising costs due to new regulations related to mine maintenance. It added that the move is in line with its plan to change business.
As of May 22, US$1 was equal to 6.91 yuan.