China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Guangzhou Donghua Enterprise Co., Ltd. announced that it has signed a letter of intent with controlling shareholder Guangzhou Yuetai Group Co., Ltd. to acquire its gold mining subsidiary Xinyuan Mining.
Xinyuan Mining, with a registered capital of USD 10 million, has obtained the exploitation license for a 28 million sqm gold mine in Cambodia.
Xinyuan Mining’s concentrator with an annual capacity of 500 tons is expected to start a trial run at the beginning of November 2012.
Source (Chinese): Cninfo via BrightWire News.
