SMM: Guangsheng Nonferrous (600259) announced on the evening of November 19th that Xinfeng Guangsheng rare Earth Development Co., Ltd., a 55% subsidiary of the company, obtained a prospecting license issued by the Ministry of Natural Resources.
Xinfeng Company originally obtained the exploration right of Zuokeng copper polymetallic deposit in Yaotian Town, Xinfeng County, Guangdong Province. after years of geological exploration, it is found that the mining area is rich in rare earth resources and has a good metallogenic prospect of rare earth ore. therefore, it applied to the Ministry of Natural Resources to change the exploration type of copper polymetallic deposit from the original exploration type of copper polymetallic deposit to rare earth ore.
After obtaining the rare earth exploration warrants this time, the company will organize the capable prospecting force to strengthen the exploration of Zuokeng rare earth deposit in Yaotian town, and go through the relevant procedures for the conversion of exploration rights to mining rights in time after the completion of the exploration project. If the project is successfully implemented, it will further thicken the company's rare earth resources reserve, improve the company's sustainable development ability and core competitiveness, help to optimize, strengthen and expand the company's rare earth industry chain, and have a positive impact on the company's future development.
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