Anning Iron and Titanium announced on June 22 that it had acquired 2.776% shares of Chongqing Iron and Steel Group (Xichang) Mining Co., Ltd.with a final bidding amount of RMB140 million (USD20.9 million). The target enterprise is one of the large mining and processing enterprises for vanadium titano-magnetite in "Panzhihua" and "Xichang" areas, which has built and formed a mining and processing scale of 3Mtpy in 2012, and is currently actively applying for the mining license for production capacity of 10Mtpy.