en.Wedoany.com Reported - China's Xingye Silver & Tin announced on the evening of May 6 that its wholly-owned subsidiary, Tibet Shannan Antimony Gold Mining Co., Ltd., has newly established a wholly-owned subsidiary, Tibet Xinda Mining Co., Ltd., which plans to use its own funds and self-raised funds totaling 164 million yuan to acquire 100% equity in Tibet Sunshine Mining Investment Co., Ltd. held by Zhang Jing and Zhang Ying. Upon completion of this transaction, Xinda Mining will hold 100% equity in Sunshine Investment, and Sunshine Investment will be included in the company's consolidated financial statements. Xinda Mining signed the "Equity Transfer Agreement" with the counterparties on May 6, 2026.
The core asset of the target company, Sunshine Investment, is the 70% equity stake held by Tibet Sunshine Mining Investment Co., Ltd. in Tibet Shannan Prefecture Sunshine Mining Development Co., Ltd. The latter's core assets are the exploration rights for the Chalapu Gold Mine in Lhünzê County, Shannan, Tibet, China, and the proposed mining rights for Mining Block II. According to the "Detailed Investigation Report" and its review opinion, as of September 30, 2020, the estimated controlled + inferred resources of the rock gold ore bodies in Mining Block II of the Chalapu mining area are: ore volume of 1,804,726 tonnes, metal quantity Au 12,053.99 kg, with an average grade of Au 6.68 g/t. The exploration rights area of the Chalapu mining area covers 29.36 km², and it is currently in the process of transitioning from exploration to mining, with no formal mining production and operation activities having commenced yet.
Xingye Silver & Tin's acquisition involves rights restrictions on the target assets. The 70% equity in Sunshine Mining held by Sunshine Investment is under judicial freeze, and the exploration rights for the Chalapu Gold Mine held by Sunshine Mining are under judicial seizure. According to the "Equity Transfer Agreement," the counterparties commit to completing the release of the judicial freeze on the target company's corresponding equity in Sunshine Mining and the judicial seizure of the relevant exploration rights, clearing all external guarantees, and completing all equity change registration procedures. The transaction payment will be made in installments with joint fund custody: the first installment will be deposited into a joint custody account of both parties and transferred after the aforementioned restrictions are lifted and procedures are completed; the remaining payment will be fully settled within 6 months from the completion of the equity change registration procedures.
Xingye Silver & Tin stated that the gold mine resource reserves acquired this time have good development potential and are highly compatible with the company's main business of precious metal mining and processing. After the transaction is completed, the company will appoint a professional management team to take over and advance the procedures for transitioning the Chalapu Gold Mine from exploration to mining, as well as mine construction planning and other related work.
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