China VTM (HKG:0893) to Buy Panzhihua for at least RMB600M

   Date:2012/01/04     Source:

China Vanadium Titano-Magnetite Mining (HKG:0893) (China VTM Mining) has agreed to acquire the entire paid-up registered capital of Panzhihua Yixingda Industrial Trading Co., Ltd. for a cash consideration of at least RMB600 million, subject to increase depending on the volume of mineral resources and reserves with minimum average iron content (Type 333 or above) of 15% or above in the Haibaodang vanadium-bearing titano-magnetite mine located at Renhe District, Panzhihua City, Sichuan Province covering an area of 20.37 square km.

The term of the exploration permit in respect of the mine runs from 14 November 2011 to 31 December 2013. It is estimated by an independent geological agent that the mine has a minimum of 100 million tonnes of resources and reserves with minimum average iron content (Type 333 or above) of 15% or above. It is currently expected that mining with respect to the mine will commence before 31 December 2014.



 

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