By Bloomberg News
July 7 (Bloomberg) -- Shandong Gold Mining Co., China’s third-largest bullion producer by market value, said it scrapped a plan to buy a controlling stake in a gold mining company after the local government rejected the proposal.
Shandong Gold had planned to pay 516 million yuan ($76 million) for a 70 percent stake in Guilaizhuang Mining Co., based in Pingyi county, Shandong province, according to a statement today to the Shanghai Stock Exchange. The local state- assets supervision and administration commission rejected the proposal, the statement said, without giving a reason.
To contact the Bloomberg News staff on this story: Xiao Yu in Beijing on yxiao@bloomberg.net
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