China Railway Group to acquire stakes in 3 mining firms

China Railway Group Ltd<601390><390>, the country's leading railway and highway builder, announced it has agreed to acquire controlling stakes in three mining firms from its parent China Railway Engineering Corp for RMB 468.99 million, according to its filing with the Shanghai Stock Exchange on Tuesday.

The company will buy 52% stake in Inner Mongolia Huaxin Mining Co, and 51% stake in Sunite-ZuoQi Manglai Mining Co and 51% stake in Sunite-ZuoQi Xiaobaiyang Mining Co respectively. However, the acquisition is still subject to the regulator's approval.

The three mining firms have 25 prospecting licenses in total which allow them to prospect for copper, coal and other metal mineral resources on the land covering an area of 891.27 square kilometers.

China Railway Engineering Corp currently holds 58.3% stake in China Railway Group.