|By ACN Newswire||
|February 7, 2013 08:34 PM EST||
Hong Kong, Feb 8, 2013 - (ACN Newswire) - China Zhongsheng Resources Holdings Limited ("Zhongsheng Resources" or the "Company", stock code: 2623) is pleased to announce that, Shandong Ishine entered into a conditional sale and purchase agreement on 19 December 2012 to acquire 95% of the equity interests of Luxing Titanium at a consideration of RMB20.9 million (the "Acquisition"). The Acquisitions expected to be completed in February 2013. According to the condition of renewal of mining permits, Zhongsheng Resources intends to rely on the resources and capacity, to cautious actively expand the Company's development and processing capacity, and to vigorously develop ferrotitanium mining and processing capacity to actively enter into ilmenite concentrate market, therefore to enrich the product mix of the company which will built a solid foundation for Improvements of profitability.
According to the assessment by the Valuer, the market value of the mining right of the Luxing Titanium Ilmenite Mine amounted to approximately RMB260 million as at 30 September 2012. Luxing Titanium possesses a processing line with processing capacity of 1.2Mtilmenite ores per annum, and obtained a new mining licence with an approved annual mining production scale of 1.5 Mt. The term of the mining license is 9 years expiring in December 2021.
After completion of the Acquisition, the Group intends to invest a total sum of approximately RMB3.8 million into a technology improvement plan. The said technology improvement plan will enlarge the annual processing capacity of ilmenite ores of the processing line of the Luxing Titanium Ilmenite Mine as well as enable the processing line to process the tailings with titanium content currently possessed by Luxing Titanium. The Group intends to complete the said technology improvement plan by May2013 and upon completion, the annual processing capacity for ilmenite ores of the processing line of Luxing Titanium Ilmenite Mine will be increased to approximately 1.5Mt ilmenite ores, which will allow the Group to produce approximately 100,000 tonnes of 57% iron concentrates and approximately 16,000 tonnes of 46% titanium concentrates per annum and the processing capacity for tailings of the said processing line will allow the Group to produce approximately 20,000 tonnes of 46% titanium concentrates per annum.
Furthermore, as at the date of this announcement, the net proceeds received by the Company from the IPO were approximately HK$129.3 million of which approximately HK$110.7 million had remained unused as at the date of this announcement. As to the depression of Iron ore concentrate market in 2012, the board and management has pertinently decided to alter the use of the funds raised based on the change of global and domestic market, in order to provide better return to investors. The proposed use of such IPO proceeds as provided in the Prospectus and the amount utilised for such use up to the date of this announcement, the unutilised amount as at the date of this announcement and the amount to be reallocated to: (1) commencement of operation of Zhuge Shangyu Ilmenite Mine; (2) commencement of the Qinjiazhuang Ilmenite Project; (3) technology improvement plan to increase annual processing capacity of Luxing Titanium Ilmenite Mine; and (4) general working capital.
Mr. Geng Guohua, Executive Director and COO, said, 'China is bound to build a large number of coal-fired and nuclear power stations in the coming years to solve its energy challenges, as well as invest heavily into sea water desalinization given the severe water shortage in its coastal cities. Robust demands from those key sectors will support the sustained expansion of market volumes for Titanium products. As China rises to become the world's second largest Titanium market second only to the US in the near future, it will demonstrate market characteristics similar to Japan where non-aviation civil use dominates, rather than the US where Titanium alloy for aviation use takes up over 50% of market share.'
Nevertheless, as China embarks upon autonomous manufacturing of large civil aircrafts and new models of fighter jets, demand for aviation-grade titanium with rise continuously. Large civil aircrafts and 4th-generation fighter jets are manufactured with 10-20 kinds of hi-performance titanium alloys in varieties ranging from rods, plates, tubes, cast products and fasteners. China's need for a powerful blue-sea Navy would also underscore titanium's essential use. On top of this, titanium is used for civil purposes in large quantities in the chemical, metallurgical and power industries as structural materials for pressurized vessels, as well as daily necessities ranging from sports and recreational goods, medical and human implant materials, to eyeglass rims and arts and crafts, giving the material tremendous market potentials.
China Zhongsheng Resources Limited is optimistic towards the Titanium market. By targeted periodic composition, we expect the company to further promote the processing capacity of iron ore. In 2013, Luxing Titanium Ilmenite Mine will able to produce approximately 100,000 tonnes of 57% iron concentrates and approximately 30,000 tonnes of 46% titanium concentrates, Zhuge Shangyu Ilmenite Mine will be able to produce approximately 40,000 tonnes of 57% iron concentrates and approximately 40,000 tonnes of 46% titanium concentrates, and Qinjiazhuang Ilmenite Project will be able to produce approximately 100,000 tonnes of 20%-30% titanium concentrates. The recent business expansion will be beneficial for the group to implement business strategy and to enhance financial strength. Zhongsheng Resources will fully exploit the opportunity emerge from the recovery of macroeconomics and the demand of national aviation and space industries, to optimize investment and production decision, in order to strive for steady and quality return to shareholders.
About China Zhongsheng Resources Holdings Limited
Headquartered in Shandong Province, the PRC, China Zhongsheng Resources Holdings Limited is the largest private-owned iron ore producer in Shandong. It is principally engaged in iron and ilmenite ore exploration, iron ore mining and iron ore processing to produce iron concentrates, and sell products directly to iron pellets or steel manufacturers. With a strong historical growth performance record, significant iron and titanium ore reserves, and stable relationship with reputable customers, we are prepared to seize every opportunity to expand our business to titanium ore with the guarantee of iron business. The company greatly concern about environmental protection and governance. In March 2011, we were selected as the first batch of "State Green Mining Pilot Units" by the Ministry of Land and Resources, which is one of the only five ferrous metal mines obtaining this honor. In October 2009, we were accredited with Safety Standard Second Grade Corporation Certificate issued by Shandong Province Administration of Work Safety.
Copyright 2013 ACN Newswire. All rights reserved.
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 6, 2016 07:15 PM EST
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 707
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 6, 2016 03:30 PM EST Reads: 103
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 6, 2016 03:15 PM EST Reads: 325
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 6, 2016 02:30 PM EST Reads: 354
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Feb. 6, 2016 02:00 PM EST Reads: 681
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 6, 2016 01:30 PM EST Reads: 344
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Feb. 6, 2016 01:15 PM EST Reads: 514
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 6, 2016 01:00 PM EST Reads: 539
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 6, 2016 12:00 PM EST Reads: 319
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 6, 2016 12:00 PM EST Reads: 204
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 6, 2016 11:15 AM EST Reads: 136
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 6, 2016 11:15 AM EST Reads: 123
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 6, 2016 11:00 AM EST Reads: 172
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 6, 2016 11:00 AM EST