Baodi Mining to acquire 87% stake in Congling Energy

Xinjiang Baodi Mining Co., Ltd. plans to acquire 87% equity interest of Xinjiang Congling Energy Co., Ltd. through a combination of share issuance and cash payment, at a total consideration of RMB685 million (USD97.77 million). The company also plans to raise up to RMB560 million (USD79.93 million) through a private placement to support the deal.

Baodi Mining currently owns four iron ore mining areas with total resources of 380 million tonnes, according to estimates as of December 31, 2024. Congling Energy holds the Ziluoyi North Iron Mine in Akto County, Xinjiang, with reserves of 82.66 million tonnes.

Following the acquisition, Baodi Mining's total iron ore resources will increase to approximately 460 million tonnes, representing a 21.75% rise in reserves.