SMM Sept. 17: today, Oriental Iron and Steel Co., Ltd. announced that it signed a subscription agreement with Yahua International Investment and Development Co., Ltd. to carry out a strategic placement of US $1.05 million to Yahua, which was readily agreed by Yazhwa. This means that Yahua will join the ranks of shareholders of Oriental Iron and Steel.
In addition, Dongfang Iron and Steel is pleased to announce that it has received a commitment from mature professional investors to invest a further US $2.52 million, raising a total of about US $3.57 million ("placing"), excluding costs.
Eddie King, chairman of Oriental Iron and Steel, commented:
We welcome Yahua as a cornerstone investor in Oriental Iron and Steel, and we are pleased with the financial commitment of Yahua's strategic partnership to acquire and develop Australian lithium projects. Given the current global demand for lithium and battery metals, we believe that the investment of one of the world's largest manufacturers of lithium battery materials validates our strategy and demonstrates our willingness to provide green energy solutions for future generations.
It is reported that Dongfang Iron and Steel will issue shares and options to Ya Hua after receiving the subscription amount. As a result, Yahua will become a major shareholder of the company, holding 5.05% of the company's issued capital.
About Sichuan Yahua Industrial Group Co., Ltd.:
Yahua Group is an A-share listed company on the Shenzhen Stock Exchange of China, with a market capitalization of about 48.7 billion yuan (A $10.3 billion). It is mainly engaged in the manufacture and sale of civil explosives and lithium salt products.
Yahua Group is one of the major producers of lithium hydroxide and lithium carbonate in China. The existing 43000 ton / year oil refinery producing lithium carbonate, lithium hydroxide and other lithium products is being expanded to produce 50000 tons / year lithium hydroxide and 1000 tons / year metal lithium by 2025.
Ya Hua Group has a strong customer base, including Tesla, BYD Automobile, Zhenhua Yihua and Sinopec. Yahua is a wholly-owned subsidiary of Yahua Group and the carrier of investment for Yahua Group.
Yahua is a shareholder of Core Lithium Co., Ltd., and is also the main off-taker of Orocobre Co., Ltd. (formerly Galaxy Resources Co., Ltd.).
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