Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability)
(Stock Code: 263)
VOLUNTARY ANNOUNCEMENT
The Board would like to inform Shareholders of further information of the Mine.
The Board would like to update Shareholders on the current status of the Group's minerals operation.
Reference is made to the Company's annual report for the year ended 31 December 2013 (''2013 Annual Report'').
Further details with respect to the resources and reserves of the Mine as required to be disclosed under Chapter 18 of the Listing Rules are as follows:
1. Location of Mine: | around 39 kilometers southeast of the Liannan County Town, which is also around 1.6 kilometers southwest of the nearby Baidatou Village, Shanlian Township |
2. Estimated iron resources within the Mine as at 31 December 2013 : | approximately 1,600,000 tons with an average grade of around 45% |
3. Final product grade after processing procedure: | approximately 64% |
4. Maximum annual production: | approximately 360,000 tons |
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5. | Assumptions made: | . Based on a feasibility study named 廣東省連南縣山 |
聯鄉水晶山磁鐵礦 - 採選工程初步設計報告 (the | ||
''Feasibility Study'') prepared by 烏魯木齊有色冶金 | ||
設計研究院馬鞍山分院 in February 2012, the estimated iron resources (Categories 332+333, |
according to the Chinese Mineral Resource/Reserves
Classification) within the Mine is approximately
1,627,400 tons with an average grade of around 45%.
. With reference to the Feasibility Study, the Mine will achieve a maximum annual production of 360,000 tons, a final product with grade of approximately 64% will be produced after the processing procedure, the average cost for producing the final product with grade of 64% is around RMB180 per ton and further capital expenditure of approximately RMB5,000,000 for mining and approximately RMB12,000,000 for processing are needed.
. Very few production was made since the Mine has been acquired by the Group in 2009 due to various factors as previously disclosed. Subject to the conditions as stated below, the Group would like to start the production as soon as practicable.
As was stated in the 2013 Annual Report, the PRC Government as well as the Group have been doing repair work for the highway and the roads leading to the Mine respectively, but up to the date of this announcement, full repair work has still not yet been competed enabling full accessibility of the area surrounding and leading up to the Mine, by cars, trucks and other transportations.
The Group has been continuing to pursue the uplift of the Order with the Authorities but up to the date of this announcement, there is still no concrete and clear indication given by the Authorities as to when the Order will be uplifted.
The Company will issue further announcement(s) on any significant development with respect to its mining operation as and when necessary, in compliance with the requirements of the Listing Rules.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares.
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DEFINITIONS
In this announcement, unless the context otherwise requires, the following words and expressions shall have the following meanings when used herein:
''Authorities'' the relevant governmental authorities of the PRC
''Board'' the board of the Directors
''Company'' China Yunnan Tin Minerals Group Company Limited, a company incorporated with limited liabilities in Hong Kong, the shares of which are listed on the Main Board of the Stock Exchange
''Director(s)'' the director(s) of the Company
''Group'' the Company together with its subsidiaries
''Hong Kong'' the Hong Kong Special Administrative Region of the PRC
''Listing Rules'' The Rules Governing the Listing of Securities on the Stock
Exchange
''Mine'' Lian Nan Xian Shan Lian Xiang Bai Dai Tou Shui Jing Shan magnetite iron ore mine (連南縣山聯鄉白帶頭水晶山 磁鐵礦)
''Order'' a notice issued by the Department of Land and Resources of Lian Nan Yao Autonomous County (連南瑤族自治縣國土資 源局) on 16 February 2012 ordering the suspension of all
mining operations in the Lian Nan County until further notice
''PRC'' the People's Republic of China, which for the purpose of this announcement, shall exclude Hong Kong, Macau Special Administrative Region of the PRC and Taiwan
''Share(s)'' ordinary shares in the issued share capital of the Company
''Shareholder(s)'' Shareholder(s) of the Company
''Stock Exchange'' The Stock Exchange of Hong Kong Limited
By order of the Board
CHINA YUNNAN TIN MINERALS GROUP COMPANY LIMITED Ng Shin Kwan, Christine
Executive Director
Hong Kong, 16 February 2015
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As at the date of this announcement, the Board comprises six executive Directors, namely Dr. Zhang Guoqing (Chairman), Ms. Ng Shin Kwan, Christine, Mr. Lee Jalen, Mr. Chan Ah Fei, Mr. Lee Yuk Fat and Mr. Liang Shan and three Independent Non-executive Directors, namely Dr. Wong Yun Kuen, Mr. Wong Shun Loy and Mr. Hu Chao.
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