Jingling Mine is planning to spend less than RMB1,076 million to bid for the 40% shares of Jingding Mine, held by the big shareholder, Jingling iron mine(hereafter referred to as parent company). After acquisition, the iron ore selection production chain of Jingding Mine will be perfected correspondingly.

By the end of 2010, Wang Wang Zhuang Mine, held by Jingding Mine, was proved to have iron ore reserves of 58.443 million tons accumulatively, ensured reserves of 55.997 million tons, and the iron grade was 51.88%, also associated with copper metal volume of 11188.3 tons, and cobalt volume of 380.9 tons. The designed production size of the mine was 0.5 million tons/year, while the actual capacity of raw iron ore was 0.8 million per year.

Revenue & Growth of Fine Iron Powder products of Jingling Mine, 2009-2011

Source: Jingling Mine, Researchinchina

Over the first half year 2011, Jingling Mine produced 680,330 tons fine iron powder, 777.77 tons fine copper powder, and 31.74 tons fine cobalt powder, which was estimated to be 1,416,500 tons, 1553.23 tons and 60.55 tons respectively in 2011.