en.Wedoany.com Reported - China Dazhong Mining Co., Ltd. (001203.SZ) announced on June 21, 2026, that the company and its wholly-owned subsidiary, Inner Mongolia Dazhong Mining Co., Ltd., plan to transfer the Dongwufenzi Iron Mine Concentrator and all related surface assets to its related party, Inner Mongolia Taixiang Mining Co., Ltd., with a total transaction price including tax of 90.1759 million yuan. This transfer does not involve the mining rights of the Dongwufenzi Iron Mine, and the core mineral resource rights remain with the company.
Dazhong Mining is a listed company primarily engaged in iron ore mining and processing, headquartered in Inner Mongolia Autonomous Region. According to the announcement, due to long-standing issues of insufficient production capacity and high operating costs at the Dongwufenzi Iron Mine Concentrator, the company has transferred all raw ore to the Shujigou Concentrator for centralized processing, leaving this concentrator idle for an extended period with low asset utilization. This asset transfer is priced based on an assessed value, with the assessed value of the subject assets excluding tax being 84.1441 million yuan. Upon completion of the transaction, the company will fully divest inefficient and idle assets, effectively recover working capital, reduce maintenance costs for idle assets, and further focus on core production capacity and high-quality operations.
On the same day, the company also completed changes to its directors, supervisors, senior management, and legal representative. Following review and approval at the 26th meeting of the Sixth Board of Directors and the Workers' Congress, Wang Ximing was appointed as the company's director, vice chairman, general manager, and legal representative, taking full charge of daily operations and legal responsibilities; Lin Pusheng was transferred to the role of director and deputy general manager. The company's Workers' Congress elected Guo Huimin as the new worker representative director of the Sixth Board of Directors.
This management adjustment is part of the company's normal personnel succession and structural optimization, helping to improve corporate governance, streamline core management responsibilities, and enhance operational decision-making and execution efficiency. Currently, the aforementioned asset transfer is still subject to subsequent approval procedures, while the management changes have been reviewed and formally implemented.
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