“First Financial Daily reporter learned yesterday from Hebei Iron and Steel Group, the company signed a cooperation agreement with Canadian ore exploration and development company Al DeLong, quasi-equity Al DeLong and its joint development of mining resources in Canada a total investment of up to 194 million Canadian dollars (1.221 billion yuan).
Al Delong Company is traded on the Toronto Stock Exchange and the New York Stock Exchange. Hebei Iron and Steel Group, an insider told this reporter that the company to invest in Al DeLong, Hebei Iron and Steel Group will initially invested $ 88.3 million (about 556 million yuan) to the acquisition of Al DeLong, 2580 shares of the company’s stock, a considerable 19.9% of the shares of the latter, and to appoint two directors.
at the same time, the company will to 105.7 million Canadian dollars (about 665 million yuan) to acquire 25% interest in Al DeLong’s Camry iron ore project in the production of the mine, Hebei Iron and Steel Group has the right to preferential prices limited to purchase approximately Camry iron ore 60% of the annual output of iron ore concentrate (nearly 4.8 million tons), the term of the agreement for 15 years.
reporter has learned that the Camry iron ore is located in Canada’s major iron ore producing areas of Labrador Mining resources of about 1 billion tons, project surrounding water, electricity, ports and transportation conditions. The project will be put into production, and put into production, annual production grade of 65.5% of the magnet sintered powder of 8 million tons in 2015.
However, these transactions also need access to relevant regulatory approvals in China and Canada.
the investment in Canada’s mining enterprises, but also following the Hebei Iron and Steel Group last year with Australia Richmond Mining Company joint development of the United States, Nevada, magnetite, and signed with South American countries, Chile’s mining enterprises CMP Company to jointly develop iron ore The agreement represents another step in terms of overseas prospecting. Hebei Iron and Steel Group chairman and general manager, said Wang Yifang, the company will continue to explore the implementation of “going out” strategy, investment and development, international mining energy projects.According to the plan, Hebei Iron and Steel Group to “12 Five” program of domestic resources to control the amount of 7.2 billion tons, 800 million tons of foreign resources to achieve the target of 35 million tons of iron concentrate production capacity of iron ore, the Corporation stone self-sufficiency rate of less than 9% to 40%.
Not only that, looking for mineral resources at home and abroad, Hebei Iron and Steel Group also plans to more mineral resources into the listed company. Many analysts expected that the additional A-shares, Hebei Iron and Steel (000709.SZ) has just been completed by the end of last year, the injection of the follow-up of iron ore assets may also be quick to mention on the agenda. The company had previously promised capacity not less than 700 tons / year of iron ore assets into the listed company before the end of 2012.
NetEase statement: NetEase reproduced above for the purpose of transferring more information that confirmed the description or agree with their views. The article content is for reference only and does not constitute investment advice. Investors pursuant to operate your own risk.
Securities News – the NetEase Channel