BRIEF-Zhejiang Huayou Cobalt returns to profit in 2016, buys stake in S. Korea's mining firm

March 31 (Reuters) - Zhejiang Huayou Cobalt Co Ltd

* Says it returns to net profit of 69.2 million yuan

($10.05 million) in 2016 versus net loss of 246.0 million yuan

year ago

* Says unit plans to buy 70 percent stake in South Korea's

Town Mining Company Co Ltd for about 121 million yuan

Source text in Chinese: ;

Further company coverage:

($1 = 6.8845 Chinese yuan renminbi)

(Reporting by Hong Kong newsroom)