Tibet Summit plans to acquire an overseas lithium resource company
2017-11-28 17:56:09 [Print]
On November 27th, Tibet Summit Resource Co., Ltd. announced that the company planned to acquire an overseas listed company (target company) focusing on the exploration and development of lithium resource with a partner. By doing this, it can enter the upstream resource exploration field of new energy and share the rapidly increasing global bonus of new energy vehicle industry.
With nonferrous metal smelting as well as production and sale of related products being its main businesses, Tibet Summit’s main operating asset is Tazhong Mining Co., Ltd., a wholly-owned subsidiary in Tajikistan Republic. Tazhong Mining is a large nonferrous metal mining enterprise with an annual capacity of 2.5 million tons. In H1 2017, the sales-output ratio of lead concentrate, zinc concentrate and copper concentrate produced by Tibet Summit reached 100%. It achieved operating income of RMB1,171 million in H1 2017, up by 80.45% YOY; a net profit of RMB570 million, up by 116.18% YOY.
According to the news released by Tibet Summit, the target company is an overseas listed company that concentrates on the exploration and development of lithium resource with lithium ore project as its key asset. The project contains high quality lithium ores and its minable resources which can meet the international standard are 2 million tons of lithium carbonate equivalents (controlled and inferred resources of 1 million tons of lithium carbonate equivalents respectively). The lithium ore has the character of large scale, high quality, low lithium-magnesium ratio and simple brine composition surrounded by favorable natural and geological environment as well as infrastructure, which are convenient to develop and produce.
With confidentiality agreement signed, the news didn’t disclose the company name, location and the acquisition cost.
With nonferrous metal smelting as well as production and sale of related products being its main businesses, Tibet Summit’s main operating asset is Tazhong Mining Co., Ltd., a wholly-owned subsidiary in Tajikistan Republic. Tazhong Mining is a large nonferrous metal mining enterprise with an annual capacity of 2.5 million tons. In H1 2017, the sales-output ratio of lead concentrate, zinc concentrate and copper concentrate produced by Tibet Summit reached 100%. It achieved operating income of RMB1,171 million in H1 2017, up by 80.45% YOY; a net profit of RMB570 million, up by 116.18% YOY.
According to the news released by Tibet Summit, the target company is an overseas listed company that concentrates on the exploration and development of lithium resource with lithium ore project as its key asset. The project contains high quality lithium ores and its minable resources which can meet the international standard are 2 million tons of lithium carbonate equivalents (controlled and inferred resources of 1 million tons of lithium carbonate equivalents respectively). The lithium ore has the character of large scale, high quality, low lithium-magnesium ratio and simple brine composition surrounded by favorable natural and geological environment as well as infrastructure, which are convenient to develop and produce.
With confidentiality agreement signed, the news didn’t disclose the company name, location and the acquisition cost.
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