JES Int'l hits pay dirt with mining firm

SHARES in Chinese shipbuilder JES International soared 26 per cent yesterday to close at 18 cents, after a Xinjiang mining exploration firm that JES is investing in was estimated to have 4.2 billion tonnes in resources, equivalent to a value of more than US$500 billion.

This is far higher than the S$60 billion condition that had been laid out in the earlier agreement between both firms.

In a bid to diversify its earnings stream from the beleaguered shipping sector, JES had announced in November that it was investing $127 million - or 89 per cent of its market value then - to buy up to 30 per cent of Mineriver.