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CHINAMINING-QUADRA

Mon Jan 12, 2009 10:40pm EST

Stocks

   

HONG KONG, Jan 13 (Reuters) - China Mining Resources Ltd (0340.HK) said it plans to increase its stake in Canada's Quadra Mining Ltd (QUA.TO) to a maximum of 19.9 percent from the current 4.02 percent.

China Mining has set a maximum investment target of HK$200 million ($25.79 million) in Quadra, exclusive of transaction costs, the mainland company said in a statement late Monday.

It will seek shareholder approval for the share purchase plan at market prices, through its unit Best Tone.

"The consideration for the further Quadra investment shall not exceed C$5.28 ($4.34) per Quadra share," it said.

(For full company statement, click: (here).

Quadra's shares closed at C$3.07 on Monday, down 13 percent.

At 0307 GMT in Hong Kong, China Mining was down 3.2 percent at HK$0.214.

China Mining shares resumed trade Tuesday morning after being suspended since Dec 22. ($1=HK$7.753) (Reporting by Nerilyn Tenorio, Editing by Jonathan Hopfner)



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