Thursday, May 8, 2014

Inner Mongolia BaoTou Steel Union : Baotou Steel Union Applies for Private Placement

BAOTOU, May 7, SinoCast -- Inner Mongolia Baotou Steel Union Co., Ltd. (SHSE: 600010) revealed notice from the China Securities Regulatory Commission for accepting its application for private placement, using the financing to purchase dressing and tailings pond assets from Baotou Iron and Steel Group.

Actually, Baotou Steel Union proposed private placement plans at the end of 2013, planning to finance not more than CNY 29.8 billion to purchase dressing and tailings pond assets from Baotou Iron and Steel Group and replenish working capital.

China Merchants Securities Co., Ltd. (SHSE: 600999) the tailings pond resources Baotou Steel Union planned to purchase surpassed 190 million tons and will make the buyer global biggest rare earth company once being acquired.

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