Gold mine sale amid falling prices

The China National Gold Group Corp announced plans to sell one of its gold mines amid falling prices for the commodity.

The listed price for a 100 percent stake in the Guangxi Fengshantiancheng Gold Mine Co Ltd is 180 million yuan ($29.29 million) and the company's debt of 149 million yuan will be met by CNGC, the parent company said in a statement.

The purpose of the move is to adjust developing strategy and optimize resource allocation, CNGC said. It's estimated that the transaction will result in a loss of 38.05 million yuan.

Due to the slumping gold price, CNGC has suffered market-value losses of more than 13.4 billion yuan, since April.