Zhongjin Gold (600489) plans to acquire a 51 percent stake in Tuoli Town Jinfu Gold Mining for 108.5 million yuan, reports China Securities Journal, citing a company filing.

The target company, which has a registered capital of 500,000 yuan, has the exploration rights to an area covering 1.49 square kilometers in the Tuoli gold mine in Xinjiang province.

According to China Golden Group Geology, the exploration area has ore reserves of 6.14 million tons, including 9,677.47 kilograms of gold.

China United Assets Appraisals Group valued the gold mine at 154.62 million yuan, while the interests of all the shareholders of Jinfu Gold Mining were appraised to be worth 156.56 million yuan.