China Western Mining to sell assets for $86 mln

SHANGHAI, Feb 6 (Reuters) - The parent company of Western Mining (601168.SS: Quote, Profile, Research) plans to sell two units on the Qinghai assets exchange for a combined 590 million yuan ($86 million), the China Securities Journal reported on Friday.

The group company of China's second largest lead miner and fourth-biggest zinc smelter planned to sell the assets to concentrate on its core business, the newspaper said, citing industry analysts.

The metal firm aims to sell its 51 percent stake in a resource development consultancy and another 51 percent stake in a precious metal mining developer, the newspaper cited a statement from the exchange as saying.

Analysts said the sale was due to differing development strategies between the two units and Western Mining's core business, which are mining and smelting of base metals and ferrous metals, and salt lake development.

The company will focus on the mining and develop its smelting and energy business as its long-term development plan, the newspaper said, citing a company executive.

($1=6.835 Yuan)

(Reporting by Alfred Cang; Editing by Ken Wills)