Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan

News Feed Item

China Zhongsheng Resources Holdings Limited Aquires 95% of Equity Interests of Luxing Tianium

Seeking Growth Opportunities Through Proactive Change,in a Pursuit of Dual Iron-titanium Development Strategy and Optimized Product Structure with Major Breakthroughs into the Titanium Concentrate Market and Effective Expansion of Ilmenite Capacities


Hong Kong, Feb 8, 2013 - (ACN Newswire) - China Zhongsheng Resources Holdings Limited ("Zhongsheng Resources" or the "Company", stock code: 2623) is pleased to announce that, Shandong Ishine entered into a conditional sale and purchase agreement on 19 December 2012 to acquire 95% of the equity interests of Luxing Titanium at a consideration of RMB20.9 million (the "Acquisition"). The Acquisitions expected to be completed in February 2013. According to the condition of renewal of mining permits, Zhongsheng Resources intends to rely on the resources and capacity, to cautious actively expand the Company's development and processing capacity, and to vigorously develop ferrotitanium mining and processing capacity to actively enter into ilmenite concentrate market, therefore to enrich the product mix of the company which will built a solid foundation for Improvements of profitability.

According to the assessment by the Valuer, the market value of the mining right of the Luxing Titanium Ilmenite Mine amounted to approximately RMB260 million as at 30 September 2012. Luxing Titanium possesses a processing line with processing capacity of 1.2Mtilmenite ores per annum, and obtained a new mining licence with an approved annual mining production scale of 1.5 Mt. The term of the mining license is 9 years expiring in December 2021.

After completion of the Acquisition, the Group intends to invest a total sum of approximately RMB3.8 million into a technology improvement plan. The said technology improvement plan will enlarge the annual processing capacity of ilmenite ores of the processing line of the Luxing Titanium Ilmenite Mine as well as enable the processing line to process the tailings with titanium content currently possessed by Luxing Titanium. The Group intends to complete the said technology improvement plan by May2013 and upon completion, the annual processing capacity for ilmenite ores of the processing line of Luxing Titanium Ilmenite Mine will be increased to approximately 1.5Mt ilmenite ores, which will allow the Group to produce approximately 100,000 tonnes of 57% iron concentrates and approximately 16,000 tonnes of 46% titanium concentrates per annum and the processing capacity for tailings of the said processing line will allow the Group to produce approximately 20,000 tonnes of 46% titanium concentrates per annum.

Furthermore, as at the date of this announcement, the net proceeds received by the Company from the IPO were approximately HK$129.3 million of which approximately HK$110.7 million had remained unused as at the date of this announcement. As to the depression of Iron ore concentrate market in 2012, the board and management has pertinently decided to alter the use of the funds raised based on the change of global and domestic market, in order to provide better return to investors. The proposed use of such IPO proceeds as provided in the Prospectus and the amount utilised for such use up to the date of this announcement, the unutilised amount as at the date of this announcement and the amount to be reallocated to: (1) commencement of operation of Zhuge Shangyu Ilmenite Mine; (2) commencement of the Qinjiazhuang Ilmenite Project; (3) technology improvement plan to increase annual processing capacity of Luxing Titanium Ilmenite Mine; and (4) general working capital.

Mr. Geng Guohua, Executive Director and COO, said, 'China is bound to build a large number of coal-fired and nuclear power stations in the coming years to solve its energy challenges, as well as invest heavily into sea water desalinization given the severe water shortage in its coastal cities. Robust demands from those key sectors will support the sustained expansion of market volumes for Titanium products. As China rises to become the world's second largest Titanium market second only to the US in the near future, it will demonstrate market characteristics similar to Japan where non-aviation civil use dominates, rather than the US where Titanium alloy for aviation use takes up over 50% of market share.'

Nevertheless, as China embarks upon autonomous manufacturing of large civil aircrafts and new models of fighter jets, demand for aviation-grade titanium with rise continuously. Large civil aircrafts and 4th-generation fighter jets are manufactured with 10-20 kinds of hi-performance titanium alloys in varieties ranging from rods, plates, tubes, cast products and fasteners. China's need for a powerful blue-sea Navy would also underscore titanium's essential use. On top of this, titanium is used for civil purposes in large quantities in the chemical, metallurgical and power industries as structural materials for pressurized vessels, as well as daily necessities ranging from sports and recreational goods, medical and human implant materials, to eyeglass rims and arts and crafts, giving the material tremendous market potentials.

China Zhongsheng Resources Limited is optimistic towards the Titanium market. By targeted periodic composition, we expect the company to further promote the processing capacity of iron ore. In 2013, Luxing Titanium Ilmenite Mine will able to produce approximately 100,000 tonnes of 57% iron concentrates and approximately 30,000 tonnes of 46% titanium concentrates, Zhuge Shangyu Ilmenite Mine will be able to produce approximately 40,000 tonnes of 57% iron concentrates and approximately 40,000 tonnes of 46% titanium concentrates, and Qinjiazhuang Ilmenite Project will be able to produce approximately 100,000 tonnes of 20%-30% titanium concentrates. The recent business expansion will be beneficial for the group to implement business strategy and to enhance financial strength. Zhongsheng Resources will fully exploit the opportunity emerge from the recovery of macroeconomics and the demand of national aviation and space industries, to optimize investment and production decision, in order to strive for steady and quality return to shareholders.

About China Zhongsheng Resources Holdings Limited

Headquartered in Shandong Province, the PRC, China Zhongsheng Resources Holdings Limited is the largest private-owned iron ore producer in Shandong. It is principally engaged in iron and ilmenite ore exploration, iron ore mining and iron ore processing to produce iron concentrates, and sell products directly to iron pellets or steel manufacturers. With a strong historical growth performance record, significant iron and titanium ore reserves, and stable relationship with reputable customers, we are prepared to seize every opportunity to expand our business to titanium ore with the guarantee of iron business. The company greatly concern about environmental protection and governance. In March 2011, we were selected as the first batch of "State Green Mining Pilot Units" by the Ministry of Land and Resources, which is one of the only five ferrous metal mines obtaining this honor. In October 2009, we were accredited with Safety Standard Second Grade Corporation Certificate issued by Shandong Province Administration of Work Safety.



Copyright 2013 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investments to the new style of IT," said Meg Whitman, Chairman, President and Chief Executive Officer of HP...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...