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Stock Market & Financial Investment News

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November 12, 2012
09:03 EDTSHZChina Shen Zhou Mining expands ownership in subsidiaries
China Shen Zhou Mining announced that it has increased an additional 20% ownership stake in three of its recently acquired subsidiaries - Wuchuan Mining, Qianshi Resources, and Meilan Mining. In January and February, China Shen Zhou Mining acquired 60% ownership of Wuchuan Mining, Qianshi Resources and Meilan Mining, all of which are located in Guizhou Province, P.R. China. Per the original agreements, China Shen Zhou Mining would bear the debts of the acquired entities up to $7.9M and the remaining liabilities would be settled by the sellers. As a result of failing to settle the additional liabilities, the sellers of the above three companies were obligated to transfer an additional 20% of the ownership to China Shen Zhou. Therefore, China Shen Zhou now holds 80% interest in all three subsidiaries.
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