Heilongjiang Agriculture Co. Ltd. (600598.CN) announced that it acquired the mining rights on a graphite reserve in northern Heilongjiang for 300 million yuan (US$49.5677 million), China Business News reported Friday. The rights were acquired from a local firm named Tianmai Co. which had originally bought the mining rights for 1.5 million yuan two years ago, the report said. In response to criticism that Heilongjiang Agriculture may have overpaid for the asset, chairman Liu Changyou said the purchase price was negotiated based on a valuation of 685 million yuan for the mine. In 2012, Heilongjiang Agriculture booked a net loss of 300 million yuan, according to the report.
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