SMM7 26th news: Chuaneng Power announced on the evening of the 25th that the company received a written letter from Chuaneng Xinyuan Fund Management Company, executive partner of Chuanneng Lithium Energy Fund. Chuaneng Lithium Energy Fund has signed relevant agreements with Sichuan Energy Investment, Energy Lithium Investment Industry and Yahua Group. Sichuan Energy Lithium Energy Fund will complete the equity investment in the lithium industry by means of equity acquisition and capital increase. Finally, the Sichuan Energy Lithium Energy Fund directly holds 62.75% of the shares in the lithium industry. The total amount of this investment is 779 million yuan.
As of January 31, 2019, the total audited assets of the lithium investment industry were 517 million yuan and the net assets were 313 million yuan. In 2018, the lithium investment industry realized 781300 yuan in business income and a loss of 12.9831 million yuan in net profit attributable to the owner of the parent company.
The main body of the lithium industry is its subsidiary Sichuan Dexin Mining Resources Co., Ltd. (hereinafter referred to as Dexin Mining), which owns the mining rights of Lijiagou lithium mine.
In addition to Dexin Mining, Sichuan Energy Lithium Energy Fund intends to invest in Sichuan Energy Peak and Yajiang County Snowe Mining Development Co., Ltd. (hereinafter referred to as Yajiang Snowe). Sichuan can peak mainly produces lithium salt, to be divided into three phases in the Ganmei Industrial Park to build an annual production capacity of 50,000 tons of lithium salt project; Yajiang Snowe focuses on lithium raw mines, mainly methyl card mines.
Yahua Group and Sichuan can invest in lithium mineral resources have a very deep equity cooperation, the common intention or want to open up the upper and middle reaches of lithium resources as soon as possible in the industrial chain. In 2017, the two sides established their respective positions in cooperation, with Yahua focusing on mid-stream lithium salt and Sichuan can focus on the upstream lithium mine. The two sides agreed that the lithium concentrate that can be mined and processed in the future by the lithium industry (including Dexin Mining) will give priority to meeting the Sichuan Guoli Lithium Materials Co., Ltd., which is owned by Ya Hua at the same price in the market.
It is understood that in 2017, Sichuan can Investment and Yahua Group signed an equity transfer agreement and cooperation agreement, in order to speed up the mining process. Last year, the Lijiagou spodumene mining and separation project of 1.05 million tons per year was approved by the Sichuan Provincial Development and Reform Commission in August 2018. The total investment of the project is estimated to be 1.151 billion yuan, with a planned daily treatment of 4200 tons of raw ore, an annual treatment of 1.05 million tons of raw ore, an annual production of 180000 tons of concentrate, and an estimated mine service life of 38 years.
The investment is an internal equity adjustment that Sichuan can invest in, equivalent to the transfer of a 50% stake to Sichuan Energy Lithium Energy Fund. The capital increase and share expansion of Chuaneng lithium energy fund is divided into two steps: the first step is to buy 50 per cent stake in lithium industry with 474 million yuan, and the second step is to increase the capital of Sichuan energy lithium energy fund by 305 million yuan. After the capital increase is completed, Chuaneng Lithium Energy Fund holds 62.75% of the shares in the lithium industry, while Yahua Group holds the remaining 37.25% of the shares.
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