Continue to develop natural resources businesses
Capture the huge potential growth in China
HONG KONG, July 6 /PRNewswire-Asia/ -- China National Resources Development Limited ("China National Resources" or "the Group", Stock Code: 661), a natural mineral resources developer in the PRC, signed a strategic cooperation agreement with Xinjiang Non-Ferrous Metals Industry (Holdings) Company Limited ("Xinjiang Non-Ferrous") on 2 July 2009. Under the agreement, both parties will establish a strategic alliance so that they can utilize their respective potential to the fullest extent in exploration and development of non-ferrous metals and precious metals in Xinjiang.
The Group and Xinjiang Non-Ferrous will adopt flexible approaches in the cooperation. For instance, Xinjiang Non-Ferrous may provide mineral resources bases while the Group or both parties may provide the necessary capital and technical know-how in their mining projects. The cooperation demonstrates the Group's concerted effort in developing natural resources businesses.
Xinjiang Non-Ferrous is one of the key state-owned enterprises managed by Xinjiang Uygur Autonomous Region State-owned Assets Supervision and Administration Commission. Its major businesses are exploration, development and in-depth refinement of non-ferrous metals and precious metals, which also cover, inter alia, technological designs, construction, machinery refinement, logistic and storage businesses.
Commenting on the cooperation, Mr. Wan Biqi, Chairman of China National Resources said, "We are glad to form a strategic cooperation agreement with Xinjiang Non-Ferrous. A strong partnership between us was established which creates a synergy effect that will be beneficial to the Xinjiang mining businesses of the Group. Capturing the huge potential growth of natural resources industry, we will continue to work harder to achieve a steady and prudent development by strengthening our development of internal resources and reinforcing our foundation, as well as keeping our eyes on further cooperation opportunities via mergers and acquisitions."
About China National Resources Development Limited
China National Resources Development Limited expanded its business to cover natural mineral resources investment and development in 2007. The Group currently possesses various wolfram mines and one molybdenum mine in the Republic of Mongolia along with a number of silver and copper mines in Xinjiang, the PRC. The WQ (SLB) Mine has already commenced trial commercial mining and refining operations. Other mines of the Group also hold exploration rights and are operating smoothly.
For further information, please contact:
Porda International (Finance) PR Group
Keely Chan
Tel: +852-3150-6760 / +852-9770-2950
Email: keely.chan@pordafinance.com.hk
Kelly Fung
Tel: +852-3150-6731 / +852-9289-2974
Email: kelly.fung@pordafinance.com.hk
Lip Yip
Tel: +852-3150-6739 / +852-9497-1685
Email: liz.yip@pordafinance.com.hk
Fax: +852-3150-6728
