On December 14, Xiamen Tungsten Industry announced that the company intends to invest 301 million yuan (RMB, the same below) to acquire the 100% stake in Bobai Judian held by the related party Shenwei Mining and Metallurgical (referred to as "the subject of the transaction"). Bobai Judian holds the Mining license of Yumapo Tungsten and Molybdenum Mine issued by the Ministry of Natural Resources (license number: C1000002021033218000083). This transaction is subject to the examination and approval of the general meeting of the shareholders of the company.
The construction of Mapo Tungsten-Molybdenum Mine in Bobai Judian Oil has not yet started. According to the 660000 tons / year production scale specified in the mining license and the Feasibility study report on the New Construction Project of Tungsten Mine in Guangxi Bobai County Youmapo Mining area compiled by China Ruilin Engineering Technology Co., Ltd., the design mining scale of Mapo Tungsten-Molybdenum Mine in Bobai Judian Oil is 2000 tons per day. After the completion of this acquisition, the company will formulate a mine construction plan. To promote mine construction as soon as possible; The construction period of the mine is expected to be about 30-36 months. The specific process depends on the approval and construction of this equity transfer and follow-up projects.
According to Xiamen tungsten industry, with the continuous improvement of the production capacity of the company's tungsten industry chain, especially the deep processing and application capacity at the back end of the tungsten industry chain, such as cemented carbide, cutting tools, tungsten wire, etc., the company's demand for tungsten resources is increasing year by year. At present, the tungsten concentrates produced by the company's three tungsten mining enterprises (Ninghua Xingluokeng Tungsten Mine Co., Ltd., Jiangxi Duchang Jinding Tungsten Molybdenum Mining Co., Ltd. And Luoyang Yulu Mining Co., Ltd.) can only meet part of the company's needs. In view of this, in order to reduce related party transactions and improve the guarantee capacity of raw materials, after negotiation, the company intends to invest 301 million yuan in cash to acquire 100% equity of Bobai Judian Mining Co., Ltd. (hereinafter referred to as "Bobai Judian") held by the related party, Xiushui County Shenwei Mining and Metallurgical Co., Ltd. (hereinafter referred to as "Shenwei Mining and Metallurgy"). Bobai Judian holds the mining license of you Mapo Tungsten and Molybdenum Mine of Bobai County Judian Mining Co., Ltd. (certificate number: C1000002021033218000083) issued by the Ministry of Natural Resources. After the completion of this transaction, the company will hold 100% equity interest in Bobai Judian and become the controlling shareholder of Bobai Judian. This valuation represents a premium of 249.4905 million yuan and 484.36% over the audited book value of the owners' rights and interests of the Bobai Giant Code on the evaluation base date (December 31, 2020).
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