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Yue Da Mining sells Fly Ascent unit for 65.1M yuan

Yue Da Mining Holdings Ltd. said Dec. 11 that it sold its Fly Ascent subsidiary for 65.1 million Chinese yuan to an undisclosed buyer during an auction.

Fly Ascent is engaged in investment holding of a mining firm in China.

An aggregate of 10 million yuan has been paid to Yue Da Mining as part of the consideration payable for the asset.

The parties are expected to enter into an acquisition contract by Jan. 10.

As of Dec. 8, US$1 was equivalent to 6.62 Chinese yuan.