Zijin mining: Companies will not punish executives

Zijin Mining Group Co., Ltd. (Zijin Mining, 601899.sh,02899.hk) yesterday released the Chairman, general manager of the fine announcement caused many questions. Market participants question whether the Zijin mining executives who have been punished meet the exchange's qualifications for senior executives of Supervisors.　　In addition, the Zijin Mining bulletin will sell the Silver Rock tin ore for the "9 21 dam event" Debt repayment, this matter if not get Zijin mining board and even the General Assembly approval, advance notice is illegal? The morning paper reporter interviewed Zijin mining dong Zheng yesterday.　　Zheng in response, said the company will not punish the two senior executives, the sale of the Silverstone matters will not be approved by shareholders general meeting.　　"No precedent for corporate penalties" 27th, the Fujian Provincial Environmental Protection Department announced on its website, Zijin Mining Chairman Chen Jinghe, executive vice president and Zijin Gold copper mine manager Laichang respectively sentenced to 706,000 yuan, 449800 yuan fine.　　Industry insiders told the Morning Post reporter, listed companies such as illegal punishment, listed companies or relevant parties should have the right to take "emergency measures", such as suspension of its position, serious or several fouls simply let it "class". In response to questions, Zheng yesterday answered the Morning Post reporter's question vaguely said: "[Our] company does not need to two senior executives to take ' emergency measures '."　　"Zheng also said that the public company executives were punished by the government, the company to punish senior executives without this precedent." "This is a government agency for his personal investigation of the matter, is the management responsibility, from the company's point of view punishment is punished, then the company to punish these company leaders What do you mean?" Company to punish company leader?　　"Zheng said.　　"There is no problem in the process of selling compensation" Zijin Mining also announced on 27th that in view of the great loss of dam-breaking event, its wholly-owned subsidiary Xinyi Zijin may face greater compensation, for this reason, Zijin Mining has agreed to Xinyi Zijin Board resolution, the overall sale of silver ore tin assets (including mining rights), priority for the victims of settlement.　　However, some insiders pointed out that if the Silverstone assets (including mining rights) involved in a large amount, as a wholly owned subsidiary of Zijin Mining, the matter may need to Zijin the mining shareholders meeting, but not just Xinyi Zijin decision.　　In this respect, Zheng yesterday in an interview with the Morning Post, said that because the only shareholder of Silverstone is Zijin mining, Xinyi Zijin board has already made a resolution, and consulted the Zijin mining, now Zijin Mining Board agreed on the line, do not need to convene a shareholder meeting. The available data show that Silverstone is the Xinyi government's investment and key construction projects. Founded in January 2007, Xinyi Zijin has been involved in the silver-rock tin mine project for six years, accumulated investment of about 480 million yuan (including the acquisition of funds), for the verification of mine Resources Exploration, project approval, land requisition, planning and design, construction and warrants change, and has been the corresponding project construction related license, Put into trial production (Gao Qi Ridge tailings reservoir in August 2010, Guangdong Province Work Safety Supervision AdministrationIssued safe production license). In addition, there is no more detailed public information to determine the specific value of the ag-rock tin ore assets (including mining rights).