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2006-12-13 03:19:00 a.m. HKT, XFNA
HK-listed China National Resources to acquire 51 pct of China Reservoir Mining
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HONG KONG (XFN-ASIA) - China National Resources Development Holdings Ltd
said it has entered into an agreement to acquire 51 pct stake in China
Reservoir Mining Ltd(CRML) from independent parties, Sherryknoll Enterprises
Ltd, Klagate Ltd and Choronell Ltd.
The consideration will be satisfied by the issue of 1 bln new shares at 0.
30 hkd each, the company said in a statement.
CRML currently owns 55 pct stake in Reservoir Moly Mongolia Ltd , 100 pct
stake in Reservoir (Mongolia) Ltd and 65 pct stake in Reservoir Tungs Ltd.
Reservoir Moly Mongolia owns the Aleinuer Molybdenum Mine which has a
mineable resource value of 22 bln yuan and also owns Burenchaoge Wolfram Mine
with 1 bln yuan resource value.
Reservoir (Mongolia) Ltd owns the Sala Wolfram Mine whose mineable
resource values amounts to 600 mln yuan, while Reservoir Tungs Ltd owns the
Tuv Province Wolfram Mine which has mineable resource value of 1.3 bln yuan.
At 11.02 am, China National Resources was down 0.01 hkd or 3.57 pct at 0.
27.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/rc xfnrl/xfnrc
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