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Zhaojin Mining scraps spinoff plans for engineering unit

Zhaojin Mining Industry Co. Ltd. said Dec. 4 that its 51%-owned Beijing Dongfang Yanjing Mining Engineering Design Co. Ltd. subsidiary will not be proceeding with the listing on China's National Equities Exchange and Quotations and withdrew its application Nov. 29.

Accordingly, the company also terminated the proposed demerger of the subsidiary, whose business included engineering design, consultation, technology development and services as well as machinery and electrical equipment sales.

The proposed demerger was announced in late February.