Key Developments For China Natural Resources, Inc.
China Natural Resources, Inc. (CHNR.O) (Consolidated Issue listed on NASDAQ Capital Market)
China Natural Resources, Inc. Disposes of 60% Equity Interest in Mark Faith Technology Development Limited
China Natural Resources, Inc. announced that on September 29, 2009, it completed the disposition of a 60% equity interest in Mark Faith Technology Development Limited to Joysight Limited, for a purchase price of USD21,000,000. Mark Faith, through its wholly owned subsidiary, Bayannaoer City Feishang Copper Company Limited, engages in the smelting and refining of copper in Inner Mongolia, the PRC. Prior to the disposition, Joysight, an unrelated third party, was the owner of the 40% equity interest in Mark Faith that was not owned by the Company. The purchase price is evidenced by an unsecured promissory note executed and delivered by Joysight which bears interest at the rate of 5% per annum and matures on February 26, 2010.
China Natural Resources, Inc. Consummates Acquisition of Coal Mining Company in Guizhou Province, PRC
China Natural Resources, Inc. announced that on January 12, 2009, it consummated the acquisition of all of the issued and outstanding capital stock of Newhold Investments Limited and its wholly-owned subsidiaries (the Coal Group) and (b) the outstanding indebtedness owing by the Coal Group to the related-party seller on the closing date. Newhold, through its 70% owned operating subsidiary, Guizhou Yongfu Mining Co., Ltd., owns mining rights to Yongsheng Coal Mine, a coal mine located in Huajuexiang, Jinsha County, Guizhou Province, the PRC. The 20 year mining right permit covering the mine, which was issued on November 8, 2007, provides for an annual production capacity of 600,000 metric tons of coal. Construction of the mine, which is anticipated to take approximately 18 months to complete, is expected to be funded by a combination of bank loans and internal funds.
China Natural Resources, Inc. Agrees To Acquire Coal Mining Company in Guizhou Province, PRC
China Natural Resources, Inc. announced that it has entered into an agreement with Feishang Group Limited, related party, pursuant to which China Natural Resources agreed to acquire from the Shareholder all of the issued and outstanding capital stock (the "Shares") of Newhold Investments Limited (Newhold) and its wholly-owned subsidiaries (collectively, the "Coal Group") and the outstanding indebtedness owing by the Coal Group to the Shareholder on the closing date (Indebtedness).
China Natural Resources, Inc. Agrees to Acquire Coal Exploration Company in Guizhou Province, PRC
China Natural Resources, Inc. announced that it entered into an agreement with Feishang Group Limited a related party, pursuant to which China Natural Resources agreed to acquire from the Shareholder of the issued and outstanding capital stock (the "Shares") of Pineboom Investments Limited ("Pineboom") and its wholly-owned subsidiaries (collectively, the "Coal Group") and (b) the outstanding indebtedness owing by the Coal Group to the Shareholder on the closing date ("Indebtedness"). The purchase price for the Shares and Indebtedness is USD 25 million. While the coal mine is in the exploration stage and the amount of coal resources cannot currently be accurately estimated, the purchase price was negotiated by reference to a preliminary coal resource report compiled by a licensed geological exploration bureau in June 2006, estimating the mine's coal resources at over 100 million tons.
China Natural Resources, Inc. Announces Formation of New Coal Mining Joint Venture In Guizhou Province, China
China Natural Resources, Inc. announced that on January 26, 2008, the Company, through two indirect wholly owned subsidiaries, had entered into an agreement with Jiangxi Province Coal Group Company (JV Partner), to jointly establish Guizhou Puzheng Mining Co. Ltd. (Joint Venture Company), as an equity joint venture company in Guizhou Province, the PRC. The Joint Venture Company, which is to be owned 64% by the Company, intends to engage in the exploration and mining of coal and other mineral resources in Guizhou Province and other regions in China.
