China's Qiao Xing soars on stake in Mongolia mine

SAN FRANCISCO (MarketWatch) -- Shares of Chinese copper and molybdenum miner Qiao Xing Universal Resources Inc. /quotes/comstock/15*!xing/quotes/nls/xing (XING 3.47, +0.03, +0.87%) surged nearly 26% Wednesday after the company announced it has completed its $28 million acquisition of a 34.5% stake in Chifeng Aolunhua Mining Co. Ltd. Aolunhua owns an open-pit copper-molybdenum mine in Mongolia that's estimated to contain 159 tons of molybdenum and 26,000 tons of copper. Copper and molybdenum prices have soared over the past year on growing industrial demand for the two metals in the face of tight global supplies. Qiao Xing shares were last trading at $3.66 on the Nasdaq. They are up 60% over the past 12 months.