New Development Of Shang Hongda's Foreign Investment &Nbsp; &Nbsp; Carry Out Deep Processing Of Mo Cu Polymetallic Resources

November 20th, China

According to the announcement, Hongda molybdenum copper was registered and established in November 18th in Shifang City Administration for Industry and Commerce in Deyang, with a registered capital of 100 million yuan. Its main business scope is molybdenum, copper, lead and zinc production, processing, marketing and operation of the import and export business of this enterprise.

The company announced in November 19th that it intends to set up Sichuan Hongda molybdenum copper Co., Ltd. with a separate investment of 100 million yuan in monetary way, to carry out the related work of molybdenum copper polymetallic resources deep processing and comprehensive utilization project.

The project is based on the comprehensive utilization project of molybdenum, copper and polymetallic resources. The construction site is Sichuan Shifang Economic Development Zone, Shifang City, Sichuan province. The planned land area is 3237.75 mu, with a total investment of 10 billion 190 million yuan, of which 120 million yuan is spent on imports, 6 billion 230 million yuan for domestic loans, and 3 billion 960 million yuan for self financing.

The announcement said that the comprehensive utilization project of molybdenum, copper and polymetallic resources to be invested by Hongda molybdenum copper was approved in November 18, 2010 by the Sichuan provincial development and Reform Commission.

Among them, the industrial policy is to encourage.

The announcement indicates that the project is still in the formulation stage of feasibility study, EIA, safety assessment and other related special reports. The preparatory work for financing, the introduction of equipment technology and the early construction of the project is being carried out.

If the project is proved feasible, it must be submitted to the shareholders' meeting for consideration. It also needs the administrative permission from the relevant departments of the state for environmental protection and safety.

According to the company's three quarterly report, affected by the European debt crisis, the price of non-ferrous metal products fell sharply, and the price of raw materials purchased during the period was higher, HTC's net loss in the first three quarters exceeded 400 million yuan.