SMM Network News: recently, investors asked Minmetals rare earths how much progress has been completed in the construction of Minmetals rare Earth Group Jianghua Mine. There are only five months left in 2020. The shares of the rare Earth Group have been transferred to Minmetals Nonferrous. Will there be no competition in the industry, and Xinghua rare earths will not have to be injected into listed companies?
According to your question, the company replied as follows:
(1) it is understood that Jianghua rare Earth Mine is under active construction. Please consult the relevant parties for details.
(2) China Minmetals, the actual controller of the company, has undertaken that if the net profit after deducting non-recurring profits and losses vested in the parent company for two consecutive years is positive (whichever is the value determined by the audit) and meets the listing conditions, priority will be given to inject it into the listed company under the same conditions, and the asset injection process shall be initiated within one year from the date on which the above conditions are met. If the above plan is not approved after consideration by the board of directors and / or shareholders' meeting of the listed company, it will be entrusted to the listed company, sold to the outside world, reduced to below the holding level or closed to solve the problem of inter-industry competition with the listed company on its own. This letter of commitment shall remain valid during the legal existence of Minmetals and China Minmetals as the actual controller of Minmetals and rare earths. Thank you for your attention. Thank you.
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