Shanshan shares overseas to seek nickel and cobalt resources

Source: Internet
Author: User
Keywords Marginal grade nickel cobalt Heron jorc kalgoorlie
Tags company demand exchange framework joint venture not less project stock
Shanshan shares (600884) announcement, May 28, the company in Perth, Australia and Heron Resources 2¥Q (Australian Stock Exchange ASX: Stock abbreviation HRR, hereinafter referred to as "Heron") signed a framework cooperation agreement on the Yerilla nickel-cobalt mine project  To meet the company's large demand for nickel and cobalt resources. The company intends to subscribe to 12,046,940 shares of Heron shares (4.99% of the Heron Company's issued share capital), the price of which is 15th Heron on the Australian Stock Exchange, 120% of the weighted average price.  In addition, the company will also have two times, each time equivalent to Heron issued equity 5% shares of further subscription options. Holding Yerilla Nickel Cobalt project company according to Heron2008 Annual report, Heron meet the JORC standard resources by about 981.7 million tons nickel marginal grade 0.72% Kalgoorlie Nickel cobalt ore, and about 135.3 million tons nickel marginal grade 0.77% Yerilla nickel-Cobalt ore.  Heron Total Nickel metal reserves of about 8.13 million tons, cobalt metal is about 540,000 tons.  And the company as the main domestic lithium-ion battery materials manufacturers, nickel and cobalt resources have greater demand. According to the agreement, the company may through in Australia to the project funds, technology to independently fund the construction of factories and infrastructure, in Australia to treat the ore into nickel-cobalt concentrates, so that the design capacity of not less than 1 million tons of the annual processing of laterite nickel and cobalt ore, in the product contains not less than 5000 tons of metal concentrate, and 30 days in a row to achieve the design capacity of 50% or more under the premise of joint venture operation of the project (co-operate in a joint venture, hereinafter referred to as "JV"), the company can obtain jv70% rights, Heron the rights and interests of jv30% in Yerilla nickel-cobalt mine. JV Board or operating Committee (if applicable) is composed of 3 persons, of whom 2 are appointed by the company, 1 are appointed by Heron, and the company will appoint the first general manager.  The nickel-cobalt concentrate products produced by the project will be underwritten by the company and further processed by the company in China. Under the Framework cooperation Agreement, the company will conduct a feasibility study on the ore treatment of the Yerilla Ni-CO project and complete it within 24 months after the signing of the agreement to determine the economic and technical feasibility of the project and to calculate the next investment scale  Heron will assist the company in collecting key experimental data for the approval of Australian projects. Subscribe to the Heron company 5% Equity as part of this cooperation, the company will be approved by the company's approval process, China and Australia and the competent authorities (if necessary) approval, under the premise of the purchase of 12,046,940 shares Heron shares (accounting for the Heron Company issued 4.99%), Price is the date of signature of this AgreementThe previous 15th Heron on the Australian stock exchange traded price weighted average price of 120%. In addition, the company will also have two times, each time equivalent to Heron issued equity 5% shares of further subscription options.  When a decision is made to build a plant, the price is 110% of the weighted average price of the heron on the Australian Stock exchange at the first 15th of the date of the establishment of the base day; at the time of completion of the construction, the price was 110% of the weighted average price of the heron on the Australian Stock Exchange. The company noted that the prerequisites for this framework cooperation agreement are the results of the aforementioned feasibility study which demonstrate that the project is technically and economically feasible and recognized by both parties; This project will be based on the feasibility study to further calculate and identify the scale of investment, and will be based on the progress of the project to carry out the relevant internal approval procedures; The matter is subject to the approval of the relevant laws of China and Australia and of the competent authorities.
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