Yueda International sells Yunnan Mining Rights for 231 million RMB involving Copper, lead and Zinc Metal deposits

July 24, SMM7: July 23, Yueda International announced that the controlling shareholder Yueda Group entered into a share purchase agreement to sell all the issued share capital of subsidiary Yuelong, involving a capital of 230.8 million yuan and a net income of 228.8 million yuan, which will be used to offset the shareholder loans owed by the company to the buyer and its connected persons.

Yuelong is an investment holding company whose main assets are the entire issued share capital of Feilong Nonferrous Metals in Baoshan City, Yunnan Province, while the main assets of Feilong Nonferrous Metals are mining rights and mining operations in Baoshan City, Yunnan Province. the main products include zinc concentrate, lead concentrate and copper concentrate.

The company believes that a number of new laws on mine protection since 2017 require strict measures to establish standards for ecosystem, environmental protection and production safety, casting a shadow over mining business.