HONG KONG, Nov. 16, 2012
/PRNewswire/ -- China Daye Non-Ferrous Metals Mining Limited
("China Daye" or the "Company")
(Stock Code: 00661.HK) is pleased to announce that the Company,
China Times Development Limited ("China
Times") and Daye Nonferrous Metals Corporation Holdings
Limited (the "Parent Company", together with its subsidiaries, the
"Parent Group") has entered into a memorandum of understanding (the
"MOU") on 15 November, to inject into the Company the interest in
four mines (the "Existing Mines") currently held by the Parent
Group and two mines (the "New Mines") proposed to be acquired by
the Parent Group from the relevant government authorities in
China.
To support the Company's development, the Parent Group and
China Times proposed within the next
three to five years, to inject into the Company the interest in
four existing mines currently held by the Parent Group,
including:
- A multi-metal mine at Zedang in Tibet
- A Guokesu gold mine in the Republic of Kyrgyzstan
- A Jilongshan gold mine in Hubei
Province
- A Lini lake copper-iron mine in Hubei
Province
Amidst, substantial progress has been made with respect to the
exploration of reserves of the Guokesu Mine; the scale of
operations of the Jilong Mountain Mine has expanded and has
generated revenue and profit and the Lini Mine has commenced trial
production.
In addition, the Company will be injected two new mines in
Hubei Province that proposed to be
acquired by the Parent Group from the relevant government
authorities in China, including a
rutile mine in Zaoyang and niobium and cerium rare-earth mine in
Miaoya, Zhushan.
Mr. Zhang Lin, Chairman of
China Daye, commented, "The
management of the Company considers it an opportune time for the
Company to acquire the Guokesu Mine, Jilong Mountain Mine and Lini
Mine within the next three to five years. The signing of MOU,
another important step further to the reverse acquisition of Parent
Company completed in early March this year, is in the best
interests of the Company and its shareholders, and it is another
major strategic move by China Daye's
parent company to float the premier assets of the Parent Company.
Look around, market concerns are deepening amid the complicated
global and domestic economic conditions. We will ride on the
momentum and work against the headwind by leveraging on the
favorable opportunity after the successful completion of
acquisition for the Group's integration. In addition, we will
continue to optimize our production operations, expand our resource
reserves and enhance the quality of our products. We believe that
with the consistent effort from management and staff of the Group
and the strong support from the community, the Group will achieve
sustained and rapid development so as to create better returns for
our shareholders.
About the Parent Company
Daye Nonferrous Metals Corporation Holdings Limited ("Daye
Nonferrous Metals") was jointly owned by the State-owned Assets
Supervision and Administration Commission of Hubei Provincial
People's Government (51%) and China Nonferrous Metal Mining (Group)
Co., Ltd (49%). After over 60 years of development, it evolved into
a leading state-owned integrated copper enterprise with a value
chain encompassing exploration, mining, smelting, chemicals,
rolling processing, waste heat power generation, waste recycling,
research and design, geological survey, shaft engineering,
construction and installation, machinery repair and manufacturing
and transportation. In 2010, it was selected as a major enterprise
promoted by the government in the demonstration zone for the
materials industry and newly industrialized enterprises in the
central China. Daye Nonferrous Metals has a global business network
that is spread around the world. It currently has over 20 wholly
owned subsidiaries, associates and holding companies in
southeastern Hubei, the Yangtze
River Delta, the Pearl River Delta, Hunan, Xinjiang, Hong Kong, Kyrgyzstan and Mongolia.
About China Daye
China Daye and its subsidiaries
are mainly engaged in exploration, mining and trading of
non-ferrous metals.
Investor and Media Enquiries:
PRChina
Limited
Camille Xiong / David
Shiu / Henry Chik
Tel: 852-2522 1838 /
852-2522 1368 / 852-2521 2823
Email:
cxiong@prchina.com.hk / dshiu@prchina.com.hk /
hchik@prchina.com.hk
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SOURCE China Daye Non-Ferrous Metals Mining Limited