Shandong Tyan shelves plan to buy Australian gold miner
Shanghai. February 22. INTERFAX-CHINA - Shanghai Stock Exchange-listed Shandong Tyan Home Co. Ltd., a domestic real estate developer, announced on Feb. 22 that it has suspended its plan to buy Australian miner Minjar Gold Pty. Ltd.According to the announcement, Shandong Tyan, a subsidiary of Shandong Tianye Group, has decided to back out of its plan to fully acquire its sister company Shandong Tyan Gold Mining Co. Ltd., which holds a 51 percent stake in Minjar Gold Pty. Ltd. Shandong Tyan said that the Minjar Gold Mine requires more time to stabilize production after being closed for nearly three years. It also listed cultural differences as well as the distance between China and Australia among reasons for the decision.Shandong Tyan announced in August 2009 that it would issue up to 26.99 million new shares, at a per-share price of no less than RMB 8.15 ($1.19), in exchange for Shandong Tyan Gold Mining Co. Ltd., which would give it access to the Minjar Gold Mine.Minjar Gold Pty. Ltd. holds 12 mining rights for the Minjar gold mine, which has probable gold resources of over 60 tons and silver resources of more than 240 tons. -XH