Zangge Holding terminates acquisition of Julong Copper
2018-09-18 15:24:15 [Print]
On the evening of September 17, Zangge Holdings announced that it will terminate the acquisition of 51% shares of Julong Copper.
According to the announcement, the completion of mining licenses related to Julong Copper Mine will be substantially delayed, as a result, the restructuring of the assets related to mining warrants, evaluation and other work can not be completed within the expected time; at the same time, as objective conditions such as the capital market environment, economic environment, and financing environment have undergone major changes recently, the parties to the transaction believe that the conditions for continuing the reorganization are not mature enough.
Zangge Holding said that the failure of the restructuring will not affect the company's production and operation activities. The company will further work on the production and sales of potassium chloride, actively promote the lithium carbonate project, and continue to make the company bigger and stronger.
According to the announcement, the completion of mining licenses related to Julong Copper Mine will be substantially delayed, as a result, the restructuring of the assets related to mining warrants, evaluation and other work can not be completed within the expected time; at the same time, as objective conditions such as the capital market environment, economic environment, and financing environment have undergone major changes recently, the parties to the transaction believe that the conditions for continuing the reorganization are not mature enough.
Zangge Holding said that the failure of the restructuring will not affect the company's production and operation activities. The company will further work on the production and sales of potassium chloride, actively promote the lithium carbonate project, and continue to make the company bigger and stronger.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' output statistics by province by month
Unit: mt
