Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

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
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
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.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today Telecom Reseller has been named “Media 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. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.