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Xingye Mining Acquiring 100% Stock Right of Tanghe Shidai Mining Co., Ltd.

日期:2014-10-01

On September 30,2014, Inner Mongolia Xingye Mining Co., Ltd. published the announcement toacquire Tanghe Shidai Mining Co., Ltd., announcing that it planned to acquire100% of the stock right of Tanghe Shidai Mining Co., Ltd. held by InnerMongolia Xingye Group Co., Ltd. with its own capital of RMB120 million, andthat it would perform the obligation of Tanghe Shidai Mining Co., Ltd. tosubscribe the capital of RMB413 million after the stock right is transferred.Tanghe Shidai Mining Co., Ltd. has the copper nickel mine in Tanghe County withthe total ore deposit of 97.55 million tons and the nickel and copper reserveof 328,000 tons and 118,000 tons respectively, associated with platinum, palladium,gold and silver with the reserve of 184,000 tons, 157,000 tons, 122,000 tonsand 4,022,000 tons respectively, with the output capacity of 3,300,000tons/year. Obtaining the mining permit in August 2014, Tanghe Shidai Mining Co.Ltd. is presently at the stage of capital construction, expected to becompleted and put into production in the fourth quarter of 2017. Theundertakings of the Company for the profits after the project is completed andput into production are RMB41.38 million, RMB166 million and RMB164 millionrespectively for 2017, 2018 and 2019.