Zijin the "Abandon purchase Project" in Jinchuan global prospecting and mining disease

Zijin Mining and Jinchuan Group this "old enemy" in the acquisition of the Congo (AU) copper and cobalt mine project, the former has just gone, the latter has returned.　　September 20, the country's second largest cobalt ore suppliers Congo (gold) project leader in the "2010 China Independent Innovation Hundred Enterprises" meeting Gap told our correspondent, Zijin Mining nationalists Africa, Jinchuan group is connecting rods Zijin mining, the Congo (Gold) Platmin Congo Limited belong to the copper-cobalt mine project. Zijin Mining announced on September 7, in view of the proposal with the Central African Development Fund to jointly purchase Platmin Congo Limited acquisition agreement expired on August 31, 2010, and as of August 31, 2010, the Agreement on the acquisition of the prerequisite has not been fully met,　　Neither party has agreed on a new extension agreement, and Zijin decided not to extend the deal. Zijin Mining has failed to explain the specific reasons for the failure of the acquisition, the outside world to the Zijin mining outside the cause of the collapse of Africa is also unknown.　　Lon Fusseng, vice president of Zijin Mining, said only that the "prerequisites have not been fully met" in the announcement was that the acquisition had not been effectively approved by the Congo (DRC).　　The above authoritative person told our correspondent, Zijin Mining platmin Congo Limited copper and cobalt mine project failed because of its legal process is flawed, unable to acquire the necessary complete legal formalities. At present, Zijin Mining's old rival Jinchuan Group, is working with Platmin Congo Limited to purchase the latter controlled Deziwa copper and cobalt ore project and Ecaille C copper cobalt mine project. "Acquisitions are underway, and in fact, in this project, Jinchuan and Zijin have been competing."　　said the person.　　In addition to the Congo (AU) copper-cobalt mine project, Jinchuan is planning to compete with Zijin Mining for the largest shareholder in the Canadian Continental Mining Company (Continental Minerals Corp.) through a comprehensive acquisition. Rod Zijin Mining Industry this year May 7, Zijin Mining announced that it will jointly copperbelt with the Central African Development Fund Platmin Congo Limited all issued shares and Copperbelt group internal accounts receivable, so as to obtain Deziwa　　The total cost of the copper-cobalt mine project and the Ecaille C copper-cobalt mine project is about 284 million dollars. But then, May 10, Alexis Mikandji Penge, the chief of the Congo's mining minister, said the joint takeover agreement was "not effective in the Congo in violation of the rules."　　"August 3, Zijin Mining will extend the acquisition deadline to August 31, the purchase agreement was originally closed to July 30." "Since the Government of the Congo announced that the Zijin mining contract has not been effective, we believe that the acquisition has notPlay.　　Said the person familiar with the matter.　　The source explained that the Zijin mining industry from the outset was unable to have the Congolese government to provide all the legal formalities, and this is not an extension of the date will be able to meet the conditions.　　There have been outsiders who believe that the Zijin mining failure and the government delayed approval, resulting in the acquisition could not be scheduled. Zhejiang huayou Cobalt Industry Co., Ltd. an insider told reporters that the Zijin mining the above acquisition and domestic government approval is irrelevant. "Our company has two copper-cobalt deposits in the Congo, and the domestic government is approving it faster than we expected, because overseas acquisitions are generally supported by policy, as long as the corporate acquisition procedures and qualifications are normal."　　"The above Congolese (DRC) project director told our correspondent that the acquisition failed, and will even give the Zijin mining future in the Congo (gold) acquisition of resources to bring continuing adverse effects.　　The people familiar with the matter told reporters that after the Zijin mining was forced to abandon the acquisition plan, Platmin Congo Limited again to the Deziwa copper and cobalt mine project and the Ecaille C copper and cobalt mine project to tender, the Jinchuan group again obtains the purchase opportunity. Public data show that Jinchuan Group is China's largest nickel and cobalt production enterprises.　　At present, Jinchuan Group has formed an annual output of 130,000 tons of nickel, 400,000 tons of copper, 10000 tons of cobalt, 3,500 kilograms platinum group metal and 2.7 million tons of chemical products, 30,000 tons of nickel salt comprehensive production capacity.　　According to our correspondent understand, Jinchuan Group is active in the Congo (gold) mining sector of the major Chinese enterprises, and copper, cobalt resources as the main goal.　　The people familiar with the matter told reporters that Jinchuan Group has been bidding with Zijin mining Deziwa copper and cobalt ore project and Ecaille C copper cobalt mine project, but Zijin mining to obtain a higher price acquisition opportunities. "The possibility of the success of Jinchuan is still the target of holding."　　The head of the DRC project said.　　Jinchuan Global prospecting in China, Jinchuan Group is the overseas acquisition of nickel, copper, cobalt resources of the leading enterprises, the current nickel and cobalt resources reserves ranked first in the country.　　Jinchuan Group has repeatedly said to the media, the company is faced with Canada, Russia, Australia and other countries producing nickel and Chile, Zaire, such as copper, cobalt-producing countries, which have high-tech, strong financial resources, scale strength and strong international competitiveness of multinational companies, therefore, Jinchuan need to further obtain more resources. China's nickel, copper and cobalt resources are scarce, but also the main power of Jinchuan group's global prospecting. According to our correspondent understand that China is a cobalt-poor country, the proven cobalt resources recoverable reserves are 40,900 tons, accounting for only 1.03% of the world's cobalt resources, while the consumption of cobalt resources reached 12000 tons/year, accounting for the global consumption of 25%.　　The foreign dependence of copper and nickel resources in China is over 50%. At present, Jinchuan Group has set up Australia Jintian Nickel Industry Co., Ltd. and Gold Nickel Industry Co., Ltd., South Africa Jinchuan Resources Limited, Canada Jinchuan Resources Co., Ltd. and other overseas holding subsidiaries, also in the Philippines, South Africa, Zambia, the Congo (gold), Australia, the United States and other countries and regions set up overseas agencies and offices.　　Not long ago, Bao, deputy general manager of Jinchuan Group, said the company was also seeking the possibility of acquiring nickel ore in Indonesia, the Philippines, South Africa, Canada, Cuba and Australia, and seeking opportunities to acquire copper in Chile, Peru, Kazakhstan, the Congo and the Philippines.　　Bao also said the company is planning to develop the Nonoc nickel mine in southern Philippines, including the construction of a nickel smelter in the area.　　According to the reporter understands, Jinchuan Group has already signed the agreement to develop Nonoc mining area, the total plan invests between 1.2 billion and 1.3 billion dollars.　　In addition, in order to compete with the Zijin mining company for control of the mainland's mining companies, the Jinchuan Group intends to acquire a full stake in the continental mining company by about 2.82 billion yuan. That means the company needs a lot of money to support its overseas operations.　　And the listing will help push the Jinchuan group overseas acquisition step.　　Jinchuan Group Chairman Yangzhijiang in August to the media, the company's technology sector hopes to be listed in Shanghai next year, the technology sector is mainly referred to the Jinchuan group's new materials company.　　In July this year, Jinchuan Group has just held the Lanzhou Jinchuan New Materials Technology Co., Ltd. was set up the unveiling ceremony, the company is also the science and technology plate of Jinchuan listed platform. In addition, the people familiar with the matter told reporters that the China-Africa Development Fund will provide funds for the Jinchuan Group's acquisition of resources in Africa.