|By ACN Newswire||
|February 7, 2013 08:34 PM EST||
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.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Oct. 1, 2016 02:30 AM EDT Reads: 2,712
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 02:30 AM EDT Reads: 643
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 02:30 AM EDT Reads: 518
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Oct. 1, 2016 02:15 AM EDT Reads: 2,121
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 02:15 AM EDT Reads: 514
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 02:15 AM EDT Reads: 5,453
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 1, 2016 02:15 AM EDT Reads: 757
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 01:45 AM EDT Reads: 509
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Oct. 1, 2016 01:15 AM EDT Reads: 3,044
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 1, 2016 01:15 AM EDT Reads: 718
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 30, 2016 11:30 PM EDT Reads: 773
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 30, 2016 10:45 PM EDT Reads: 1,540
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Sep. 30, 2016 10:00 PM EDT Reads: 1,265
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 30, 2016 09:30 PM EDT Reads: 4,124
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Sep. 30, 2016 09:00 PM EDT Reads: 4,064
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Sep. 30, 2016 07:30 PM EDT Reads: 574
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Sep. 30, 2016 07:15 PM EDT Reads: 488
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 30, 2016 07:00 PM EDT Reads: 2,461
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 30, 2016 06:30 PM EDT Reads: 2,917
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Sep. 30, 2016 06:15 PM EDT Reads: 3,184