Feb. 5, 2010 (China Knowledge) - Xinjiang Guannong Fruits & Antlers (Group) Co Ltd, a fruit and vegetable company based in Xinjiang Uygur Autonomous Region, announced yesterday that it acquired a 30% stake in China Electric Vanadium Corp for RMB 300 million from Shanghai Getai Industry Development Corp Ltd and Shanghai China Electric Green Technology Group Corp.

China Electric Vanadium was established by the two Shanghai-based companies in 2006 with a registered capital of RMB 100 million.

Sources said Guannong hopes to get China Electric’s 95% stake in Zhenlin Mining Development Corp Ltd, which has vanadium mining and exploration rights in Guangxi Zhuang Autonomous Region. The miner is said to have an annual production of 70,000 tons.

Reportedly, the fruit and vegetable firm acquired a 51.25% stake in Xinjiang Luobupo Sylvine Corp and a 25% stake in China Guodian Corp’s Xinjiang Kaidu River Water Power Development Corp in 2003. Since then, the company has been involved in the mining and energy fields.