Western Mining to buy shares of three mining companies of Xining Special Steel
2018-09-21 17:45:13 [Print]
Western Mining announced on the evening of September 20 that the first interim shareholders' meeting of the company in 2018 had passed the plan to acquire the shares of three mineral resources enterprises held by Xining Special Steel Co., Ltd.
Western Mining announced on September 5 that in order to further give play to thier advantage of mineral resources development, expand their reserves of mineral resources, develop more high-quality resources and effectively improve the capacity of sustainable and healthy development, they plan to use 1.248 billion yuan to participate in the bidding for 100% stake of Hami Bollen Mining Co., Ltd. ("Hami Bollen") held by Xining Special Steel Co., Ltd., 70% stake of Bollen Mining Development Co., Ltd. ("Subei Bollen") in Subei, Guansu Province and 100% stake of West Steel Mining Development Co., Ltd. ("West Steel") in Golmud, Qinghai Province through the property rights trading market.
According to Western Mining executives, the three companies involved in the acquisition have Bashanquan iron ore in Hami, vanadium and Qijiaojing iron ore in Subei, and Magnet Hill iron ore in Golmud respectively. The acquisition will add 174 million tons of iron ore and 5,902 thousand tons of vanadium pentoxide. Currently, Hami Bollen and Subei Bollen have complete production qualification, production facilities, smooth iron ore process system, and the production scale is 1,400,000tpy and 2,500,000tpy respectively. They have good profitability and talent cultivation ability. Their production capacity has been improved gradually in the past two years, and their business performance has been continuously improved.
In addition, Subei Bollen, with the large-scale vanadium ore which is rare to see in China and a unique production line for extracting vanadium from bone coal, has great potential value. According to the preliminary calculation, the acquisition of iron resources potential resources worth nearly 40 billion yuan, and vanadium resources worth more than 100 billion yuan.
Western Mining announced on September 5 that in order to further give play to thier advantage of mineral resources development, expand their reserves of mineral resources, develop more high-quality resources and effectively improve the capacity of sustainable and healthy development, they plan to use 1.248 billion yuan to participate in the bidding for 100% stake of Hami Bollen Mining Co., Ltd. ("Hami Bollen") held by Xining Special Steel Co., Ltd., 70% stake of Bollen Mining Development Co., Ltd. ("Subei Bollen") in Subei, Guansu Province and 100% stake of West Steel Mining Development Co., Ltd. ("West Steel") in Golmud, Qinghai Province through the property rights trading market.
According to Western Mining executives, the three companies involved in the acquisition have Bashanquan iron ore in Hami, vanadium and Qijiaojing iron ore in Subei, and Magnet Hill iron ore in Golmud respectively. The acquisition will add 174 million tons of iron ore and 5,902 thousand tons of vanadium pentoxide. Currently, Hami Bollen and Subei Bollen have complete production qualification, production facilities, smooth iron ore process system, and the production scale is 1,400,000tpy and 2,500,000tpy respectively. They have good profitability and talent cultivation ability. Their production capacity has been improved gradually in the past two years, and their business performance has been continuously improved.
In addition, Subei Bollen, with the large-scale vanadium ore which is rare to see in China and a unique production line for extracting vanadium from bone coal, has great potential value. According to the preliminary calculation, the acquisition of iron resources potential resources worth nearly 40 billion yuan, and vanadium resources worth more than 100 billion yuan.
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