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        China Geological Exploration to list mining assets on SGX via RTO

        Back Data: 2014-03-17 | Share: 官方微博

        The CGE is a company ultimately owned by the Geo-exploration and Mineral Development Bureau of the Henan Province, a government institution responsible for resource mining and exploration activities. It has 200 licenses in China and close to 100 licenses in over 20 countries.

        According to CGE, the Mineral Development Bureau of the Henan Province "intends to leverage China Mining as its key investment platform to list and internationalize its mining assets, in particular similar-natured brownfield and late stage mines."

        As part of the RTO, there will be 5 mining assets injected into China Mining, including a tantalum-niobium mine in Nigeria, a tin- copper mine in Tajikistan, an iron ore mine in South Australia, and two iron ore mines in China's Xinjiang.

        Upon the successful completion of the RTO, CGE will become the single largest shareholder of China Mining, which will in turn be transformed into a pure mining company.

        The CGE did not reveal the cost of the transaction and its expectation of the revenues of the mining assets. The proposed move is still subject to the approval of China Mining's shareholders and the approval of the SGX.

        Tang Quanguo, chairman of CGE, said its company has a strong pipeline of assets from its controlling shareholder, the Mineral Development Bureau of the Henan Province.

        He said for the RTO, they has focused on mining assets which are in advanced stage of exploration. "Barring unforeseen circumstances, the mines in Nigeria and Tajikistan are expected to commence production within the next six months," he added.

        China Mining was formerly known as Sunshine Holdings Limited, a Henan-based developer of residential and commercial properties, which began its listing in SGX in 2006. In 2011, it sought the approval of shareholders to diversify into the mining business and changed to its present name in March of 2012.