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Registering CNY 10.017 million in capital, the target firm is licensed to exploit the Chifeng Chaihulanzi Goldmine in Chifeng City, Inner Mongolia Autonomous Region. The goldmine had retained reserve of 1.6189 million tons of ores that had average tenor of 5.44 grams per ton and contained 8,815.98 tons of metal in total at the end of 2007.
The target firm has two exploiting workshops, a ore dressing workshop, a laboratory and a power substation, and it booked net assets of CNY 14.3616 million on June 30, 2008.
Price of the acquisition will be determinate after asset evaluation, and Shandong Gold Mining will pay CNY 3 million to the sellers as deposit of the acquisition. It expects the deal to help lift its retained reserves, improve its profitability and lower its production cost.
From www.shihua.com.cn, Page 1, Monday, November 10, 2008 info@SinoCast.com
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