Zhaojin Mining Industry Co (HK:1818) has released an update.
Zhaojin Mining Industry Co. has announced the formation of a joint venture named Ruining Mining, with Zhaojin Group, Zijin Investment, and Ningbo Ransheng Shengtong, contributing a combined RMB900 million. The venture, approved by the board with certain directors abstaining due to managerial positions in involved parties, is classified as a connected transaction under the Listing Rules, requiring reporting but exempt from independent shareholder approval. Financing for the company’s contribution is expected to be managed through internal financial resources.
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