West Mining plans to increase capital of 449.5 million to Yulong Copper
2017-12-15 17:00:51 [Print]
West Mining announced on December 13 at night that its board of directors agreed to increase capital of the same proportion by RMB1/share to Zijin Mining Group, Yulong Copper's shareholder, and Qamdo Investment Co., Ltd. In particular, West Mining increased capital of RMB449.5 million to Yulong Copper, but it still holds 58% of Yulong Copper's stock equity.
According to the announcement, Yulong Copper engages in prospection, mining, beneficiation, smelting and processing of copper and associated metal and selling of its products. By October 31, 2017, Yulong Copper has a total asset of RMB5.898 billion and net asset of RMB1.335 billion; from January to October, it realized operating revenue of RMB1.185 billion and net profits of RMB257 million.
After completion of the capital increase, Yulong Copper can extend development of business, lower asset-liability ratio further, improve financing capacity and operating performance, which is in accord with its overall development strategy and plan and helps to improve its overall core competitiveness.
According to the announcement, Yulong Copper engages in prospection, mining, beneficiation, smelting and processing of copper and associated metal and selling of its products. By October 31, 2017, Yulong Copper has a total asset of RMB5.898 billion and net asset of RMB1.335 billion; from January to October, it realized operating revenue of RMB1.185 billion and net profits of RMB257 million.
After completion of the capital increase, Yulong Copper can extend development of business, lower asset-liability ratio further, improve financing capacity and operating performance, which is in accord with its overall development strategy and plan and helps to improve its overall core competitiveness.
Copper Rod TC Ф8mm EXW China
Unit:RMB/mt
China copper concentrate producers' sales volume statistics by province by month
Unit: mt
