Lomon Billions suspends acquiring Anning Ferrotitanium
2018-05-18 17:45:23 [Print]
Lomon Billions announced on the evening on May 17th that it originally planned to acquire 100% stock equity of Sichuan Panzhihua Anning Ferrotitanium Co., Ltd. ("Anning Ferrotitanium") through stock issue and cash payment and raise supporting funds by means of private placement. However, it intends to terminate the transaction due to the failure of the two parties to agree on core terms such as the price of the transaction.
In addition, it signed a strategic cooperation framework agreement ("the Agreement") with Anning Ferrotitanium and expects to purchase a total of about 500,000t of ilmenite from Anning Ferrotitanium during the coming five years (about 100,000t per year from 2018 to 2022). In a spirit of strategic cooperation, the two parties strive for a balanced monthly sales and purchases.
According to Lomon Billions, the signing of the Agreement is beneficial to ensure the stable supply of the company's raw material titanium ore and improve the profitability of the company.
In addition, it signed a strategic cooperation framework agreement ("the Agreement") with Anning Ferrotitanium and expects to purchase a total of about 500,000t of ilmenite from Anning Ferrotitanium during the coming five years (about 100,000t per year from 2018 to 2022). In a spirit of strategic cooperation, the two parties strive for a balanced monthly sales and purchases.
According to Lomon Billions, the signing of the Agreement is beneficial to ensure the stable supply of the company's raw material titanium ore and improve the profitability of the company.
Ilmenite Conc TiO2 50%min; Fe 30%min; In port China
Unit:RMB/mt
China titanium concentrate producers' inventory statistics by province by month
Unit: mt
