Tibet Mineral to Raise RMB 1.45 bln for 4 Projects

May 10, 2010 -- Tibet Mineral Development Co Ltd on Friday announced that it plans to raise RMB 1.45 billion to invest in three lithium ore projects and one copper ore project in Tibet Autonomous Region.

According to the plan, the Shenzhen-listed firm will issue up to 68.7 million A shares to ten selected investors for RMB 21.89 apiece, and its biggest shareholder will subscribe for more than 17.69% of the to-be-issued shares.

RMB 118 million, RMB 489 million and RMB 357 million of the proceeds from the private placement will be injected into three lithium ore projects, and RMB 490 million will be invested in a copper project that will involve copper ore mining and electrolytic copper refining.

Tibet Mineral Development has said that it aims to produce 1,500 tons of electrolytic copper, 3,000 tons of lithium carbonate and 1,000 tons of lithium hydroxide in 2010.

Last year, the company's net profit was RMB 21.45 million, down 54.73% year on year, and its operating revenue was RMB 292.98 million.