NFC Completes Bauxite Field Exploration in Laos

SHANGHAI, Apr. 20 (SMM) -- China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd. (NFC) released the 2011 annual report on April 13, saying that NFC International Alumina Development Company and Kaifeng Resources Holdings Limited, two companies controlled by NFC, have completed the bauxite field exploration in Champasak Province, Laos.

NFC International Alumina Development Company, 45% of whose stake controlled by NFC, has the registered capital of RMB 50 million, and got the survey license in accordance with the agreement signed with the Lao government in 2008 on bauxite survey and exploration in Champasak Province, as well as China’s and Laos’ relevant laws and regulations. Meanwhile, the company established a wholly owned subsidiary – NFC Mekong Mining Co., Ltd.

Kaifeng Resources Holdings Limited controlled by NFC is registered in the British Virgin Islands region, with the registered capital of USD 800,000 and specialized in overseas resources investment business. The company's controlling subsidiary – Sino-Australian Resources (Laos) Co., Ltd. – is jointly developing bauxite resources in Paksong region with relevant partners and enjoys an interest in the bauxite mine. The bauxite exploration project in Laos started in March 2010, and over 2400 drilling holes and geological record of 18,000 meters had been completed, with the LSI block and Yuqida project in progress smoothly as of the end of 2011.

Bauxite projects developed by NFC International Alumina Development Company and Kaifeng Resources Holdings Limited are located in the same region. Two companies have completed all the field exploration of the projects in 2011, and the sample laboratory analysis is nearing completion, with the indoor data compilation company and survey reports in progress.