August 9 -- Ningxia Dayuan Chemical (600146) intends to gain a foothold in the gold mining business by spending 130 million yuan to acquire a 52-percent stake in Xinjiang Toli County Shifeng Gold Mining, reports Yicai.com, citing a company filing.

Shifeng Gold Mining produces refined gold powder and owns the rights to ten mines.

Dayuan Chemical was founded in Yinchuan city in 1999 and produces industrial plastic boards, pipes and cables.