November 3 -- Tian Di Science and Technology (600582.SH) plans to submit its plan to purchase 310 million yuan worth of prospecting rights to a coal mine in Xinshui county, Shanxi province, for review by shareholders, reports yicai.com, citing a company filing.

The prospecting rights will be purchased by the company’s sub-subsidiary, Shanxi Coal Science and Industry Qinnan Energy, from Shanxi Yufeng Industry, for 310 million yuan.

Tian Di Sci-tech and Shanxi Yufeng Science and Technology Group, the parent of Yufeng Industry, currently hold respective stakes of 51 percent and 49 percent in Qinnan Energy.

Since Yufeng Industry’s effective controller, Cui Yufeng, is also the effective controller of Yufeng Group, the purchase of the prospecting rights constitutes a related-party transaction, and will require shareholder approval.

The targeted mining area totals 11.34 square kilometers, and has total renewable reserves of 55.28 million tons of anthracite.