China Molybdenum Co.

Henan’an, China

China Molybdenum Co.

Henan’an, China

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News Article | May 10, 2017
Site: globenewswire.com

For Immediate Release                                                                    10 May 2017 St Peter Port Capital Limited (the "Company" or "St Peter Port"), the AIM quoted investment company whose aim is to generate value by investing predominantly in growth companies shortly before an initial public offering ("IPO") or other exit event, announces its final results for the year ended 31 March 2017. "It continues to be a challenging environment for our portfolio companies, and most require significant funding to progress to the next stage of their development. Nevertheless, we believe that our portfolio of investments now offer potential for capital gain from the values at which they are currently being held. However the timing of any such realisation remains outside our control and we believe that any attempt to rush a realisation may be prejudicial to value." The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. Stronger commodity markets in the second half of the financial year created a better backdrop for the funding of our resource companies but do not give them any direct benefits, as they are pre-production. We have made further write-downs to the holding value of a number of our portfolio companies, further details of which are disclosed below. During the financial year, St Peter Port Capital Limited (the "Company" or "St Peter Port") realised investments generating £218,000, disposing of the last of the publicly traded holdings. No further realisations have been made since the year end. The Company made no new investments during the year. The balance sheet shows investments (excluding the floating rate note) of £16.5 million, consisting of financial assets at fair value through profit or loss of £16.5 million. Net assets were £19.0 million, giving a net asset value of 29.56p per share.  Net assets have decreased by 20 per cent. since the interim results as at 30 September 2016.  The changes result primarily from write downs to valuations discussed in the Investment Manager's Report. At the balance sheet date, the Company held £2.5 million in cash and a liquid, listed floating rate note.  As at the close on 5 May 2017, the Company held £2.5 million in cash and a liquid, listed floating rate note. On 12 January 2017, Peter Griffin retired as a director of the board. Peter had been a director since 2007 and we would like to thank him for his valued contribution throughout. On the same day, the Company announced that Russel Michel joined the board as a non-executive director. Russel is chairman of Stenham Asset Management, Inc. and Stenham Management Services (CI) Limited and is a Chartered Accountant. It remains the Board's policy that, in respect of each future period of six months and subject to the requirements of Guernsey Law regarding solvency, it will pay out in cash 50 per cent. of the net gains from all realisations made. There were no net gains on realisations during the year. Nevertheless, the directors propose that a dividend of 0.75p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares") be paid in respect of the year to 31 March 2017. The dividend will be paid on 13 June 2017 to ordinary shareholders on the register as at 19 May 2017 (the "Record Date").  The corresponding ex-dividend date will be 18 May 2017. I have previously reported to you that the bulk of St Peter Port's value resided in its five most valuable holdings. During the period since the Company reported its interim results, there has been little material progress made by any of these. Unfortunately, one of them, Seven Energy, has recently announced that it is discussing a capital restructuring with its creditors and we have therefore decided to write off this position. On 3 October 2016, St Peter Port announced that it was commencing a review of strategic options open to the Company to maximise value for shareholders, including a potential sale of the Company, individual holdings owned by the Company or collections of sector-related holdings (the "Strategic Review"). The Company initiated the Strategic Review under the framework or a "formal sale process" in accordance with Note 2 on Rule 2.6 of the City Code on Takeover and Mergers and as such the Company was placed in an offer period (the "Offer Period"). The Company remains in an Offer Period and is actively looking to sell its portfolio interests on an individual basis as well as pursuing discussions relating to the possible sale of the Company in its entirety in line with the Strategic Review. We believe that there is a risk that parties interested in acquiring assets or making an offer for the Company will be emboldened to make low bids the closer the Company comes to the end of its life. The Company has therefore decided to offer shareholders two options: either continuing the life of the Company on a one year rolling mandate, which we believe will put the Company in the best position to realise capital gains from its portfolio (while having sufficient cash reserves to settle its liabilities and meet anticipated operating costs for at least the next twelve months), or to commence the twenty-four month liquidation process when the current five year extension ends on 17 June 2017. A circular will be issued to shareholders at the same time as published accounts are posted to shareholders, describing this proposal in more detail. The portfolio of St Peter Port Capital Limited (the "Company" or St Peter Port") is diversified across a range of sectors.  It holds investments in technology (3D TV and bio-technology), resources (oil and gas) and minerals (including copper, nickel, uranium and coal). It also has soft commodity companies, including a farmland owner in Uruguay, a timber plantation in Mozambique and a potash mine development in Brazil. The size of each holding as a percentage of each portfolio company's share capital is small and usually less than 2 per cent. Nearly all of the portfolio companies have their main activity outside of the UK and a significant proportion were sourced from brokers whose main business is outside the UK. The Company has now disposed of all its listed holdings with realisable value. The following table shows the breakdown by sector of the investments as at 31 March 2017: Investments by Sector as at 31 March 2017 During the year ended 31 March 2017 the Company made no additional equity investments. During the year, the Company sold down the balance of its listed company positions (excluding the floating rate note), generating net proceeds of £218,000. The following is a list of the Company's current investments (excluding those of nil value). St Peter Port also held securities in Rock Well Petroleum, Bio-thermal Technologies, Develica Asia Pacific, Continental Petroleum, Royal Coal, Puma Hotels, Dominion Minerals, TMO Renewables, First Iron, Gourmet Express, Mongolian Minerals, Pan African Uranium, China Molybdenum, East Siberian Plc, Cuprum Resources, Caracara Silver, Astrakhan Oil, International Goldfields, Enhanced Oil, Union Minerals, Seven Energy and Kerogen Shale (formerly Jordan Energy and Mining Limited). These investments are carried at nil or negligible amounts. Top Four Investments as at 31 March 2017 The following table lists SPPC's top four investments by value as at 31 March 2017 representing 90.6 per cent. by value of the portfolio.  Where SPPC holds more than one instrument in a company, the holdings have been aggregated. Brazil Potash ("BP") has obtained its Preliminary Licence and also completed its Bankable Feasibility Study. The company is now working towards obtaining the Installation Licence which will allow it to initiate construction of the mine. Although the Preliminary License was granted over a year ago, it has been placed on hold for six months to allow for further consultation with one local indigenous community. The environment for potash development projects in general and this project in particular has not been favourable these last few years. This was due to the political and economic instability in Brazil coupled with the very low potash price, which hit a 10 year low during 2016. However, prices are now some 17 per cent. above last year's lows and the company believes that the political and economic situation in Brazil has stabilised significantly. BP continues to seek working capital to allow it to work on and obtain the Installation License, and our understanding is that the current fund-raising round it is conducting will be priced at a premium per share to where St Peter Port holds its shares. We continue to believe that this project has tremendous potential but, as previously flagged, it will require an enormous amount of capital to build and it will likely take some time before BP can deliver a return to its shareholders. Buried Hill ("BH") has a Production Sharing Agreement with the government of Turkmenistan in relation to one of the largest oil blocks under the Caspian Sea. However, the block lies beneath a disputed border between Turkmenistan and Azerbaijan and all operational activities at the site ceased several years ago, pending a commercial resolution between the two countries. The project is fully funded by BH's co-venturer (an international oil major) and we maintain every confidence in the company's leadership and strong team. It is frustrating that issues beyond BH's control continue to inhibit progress but we believe that the project still has long term value and the potential for significant upside. The position is held by St Peter Port at the same value BH applies in relation to itself for the purpose of valuing option grants. St Peter Port owns 6 per cent. of the issued share capital of Mediatainment, Inc., a company which owns approximately 27 per cent. of Stream TV Networks, Inc. ("STV"). STV is the owner of a technology which powers 3D TV without glasses. STV's solution is to insert a proprietary printed circuit board mounting a programmed chip into the panels of TV and display screens made by a wide variety of manufacturers. Devices which could use the technology currently range in size from tablets and games machines to 65 inch screens. Although STV appears to continue to impress the industry with its product, it has yet to secure sufficient funding to complete its progress to the mass manufacturing stage. Union Agriculture ("UAG") is a diversified agribusiness firm that owns some 108,000 hectares of farmland in Uruguay. It also has trading and logistics operations through its subsidiary, Granosur Holding Limited, which owns 5 silo plants in Uruguay, a fleet of transportation vehicles and has a 50 per cent. interest in a further silo as well as a 37 per cent. interest in a Uruguayan rice producer, processor and exporter. During the summer of 2015, UAG started to file documents in connection with a proposed flotation on the TSX Venture Exchange (TSXV"). This came about after lobbying by a number of UAG's shareholders, including St Peter Port. The listing process was delayed pending the sale by UAG of land to reduce overall gearing in the company, which remains relatively high. Nevertheless, UAG did receive conditional consent for a listing on the TSXV earlier this year. Shortly afterwards, UAG asked shareholders to re-confirm whether or not they wanted the company to pursue this listing, noting that it would create significant additional expense for the company and could require the company to raise additional funds. The general meeting was held on 26 April 2017, and although St Peter Port voted in favour of the resolution to continue with the listing, it was in a minority and the resolution was voted down. All work in connection with the proposed listing on the TSXV will therefore cease and the company remain private for the foreseeable future. Although revenues at UAG remain lower than budgeted since the implementation of the new business model, we believe that the company's valuation is largely underpinned by its land holdings (which are valued every year by UAG's external valuers) together with its ownership of its trading, logistics and rice operations. For the purposes of valuing its position in UAG, St Peter Port has taken UAG's calculation of its own net asset value (incorporating, amongst other things, the land valuation referred to above) and then applied a discount to this to reflect the illiquidity of the shareholding. Global Atomic ("GA") has a concession over a uranium deposit in Niger. Analysis to date indicates that the deposit is very high grade, however GA has faced considerable cash constraints over the last few years, as the massive fall off in the price of uranium has dented investor appetite for these types of project. This year has seen a brief rally in uranium prices (albeit this has largely faded) and management are in the process of conducting a reverse takeover with a listed company in Canada. They are hopeful of raising additional capital once this has been completed, in order to take the mine to the next stage of development. This is another project that will likely only return value to shareholders who are patient. St Peter Port is the indirect owner of 80 per cent. of the issued share capital of Red Flat Nickel Corporation ("RFNC"), a Las Vegas company which owns 86 claims on top of Red Flat Mountain ("Gold Beach") and some 137 claims on the McGrew Summit ("Cleopatra"). Both the Gold Beach and Cleopatra claims lie on federal land, which is administered by the United States Forest Service (a part of the United States Federal Department of Agriculture). In the last days of the Obama administration, the Bureau of Land Management announced on 12 January 2017 that the Assistant Secretary for Land and Minerals Management had signed a public land order for a 20 year term withdrawing certain lands managed by the U.S. Forest Service (including all the land on which RFNC owns its claims) from entry under the US mining laws. Notwithstanding the new, more mining friendly Trump administration, this is a major set-back. Whilst we are advised that the order could be challenged on legal grounds, we do not believe that it is in the Company's interests to commit to significant further expenditure at this stage of its life cycle but we continue to explore possibilities to extract value from the holding. St Peter Port's interest in RFNC was substantially written down in 2015 and now reflects the Board's view of the mining claims RFNC owns. iQur continues its search for funding to allow it to progress to Phase 1 clinical trials. Funding for life sciences companies at such an early stage remains elusive. iQur generates income from a diagnostic tool kit which the company's CEO, Professor William Rosenberg, helped create and commercialise. In addition, it has strong grant backing and has minimised its overhead. We are assisting iQur with its fundraising efforts. The company reported to us in April that its most recent vaccine tests in mice were good although they still fell short of proving iQur's thesis in one respect. Nevertheless, the scientific executive and non-executive within the company feel that there are significant grounds to doubt the limited negative aspects of these tests and have recommended that they be repeated. Mincore is in the process of trying to sell itself to a number of large local companies. St Peter Port holds this interest at a nominal value but should a sale be concluded may realise some value from this shareholding. Seven Energy ("SE") is an integrated gas company operating in south east Nigeria, with upstream oil and gas interests in the region. We reported at the half year that the low price of oil, the continued closure of a vital oil terminal (due to security issues) and the devaluation of the local currency (Naira) were putting pressure on the company's liquidity. SE has subsequently tried (but failed) to raise further limited funds from existing shareholders and has also reported that although it continues to deliver gas to power stations, it is not being paid in a timely manner for these gas deliveries. Although SE has managed to negotiate various interim "interest holidays" in respect of its loan obligations, SE announced on 10 April 2017 that it was speaking to its creditors regarding a significant capital reorganisation. Although the outcome of this proposed capital reorganisation is unclear at this stage, the board of St Peter Port has decided that it would be prudent in the circumstances to write down the value of the Company's holding in SE to zero. Having recently met the new management of Kerogen Shale (previously Jordan Energy and Mining Limited) St Peter Port has written down the value of this holding to zero. St Peter Port's view is that the most likely funder of this kind of a project is the World Bank, and our understanding is that the World Bank is not currently supportive of shale oil projects on environmental grounds. In the absence of this type of funding being available, we are not persuaded that management will be able to secure the capital investment required (the equity for a US$2 billion project). We will continue to monitor progress. St Peter Port has also written down to zero its holding in Union Minerals ("UM"). UM owns claims in relation to various mineral deposits in Uruguay. However, UM has now lost nearly all of its staff and our belief is that even if it does secure funding to develop a mine at a future date, this will be on enormously dilutive terms and St Peter Port will not be in a position to participate. The Company has also written down the value of its holdings in Mlog (formerly Manabi) and Nusantara. The former started life as an iron-ore mine development but, following the catastrophic fall in the price of iron-ore, sought to develop a port. However, in 2015, it effectively sold itself (by way of a business combination) to a company whose primary business was the chartering of offshore support vessels operating in the oil and gas industry. As part of this business combination, Manabi distributed part of its residual cash to its shareholders. St Peter Port has held its position in Mlog at the valuation at which the sale was completed, but has now discounted this by 75 per cent. to reflect general uncertainty notwithstanding recent investor communications that the charter business is gaining traction. Nusantara is an Indonesian coal and infrastructure developer, and St Peter Port has reduced the holding value of this position to reflect the increasing difficulty of coal projects to attract investor appetite. Celadon owns two coal projects in Inner Mongolia. Although management are committed to delivering a return to shareholders through the sale of these assets, this is proving extremely difficult. Management have guided shareholders as to what return they might expect, and St Peter Port has discounted this considerably. Contributions to Changes in the Valuation of the Portfolio During the year, currency movements (principally the weakening of sterling as against the US$) have had a positive effect on the value of the portfolio. They have contributed 7.64p to the NAV per share over the full year (as to a 5.47p increase during the first half and as to a 2.17p increase in the second half). Over the last few years, St Peter Port has significantly reduced the holding value of many of its investments. The portfolio's value is now made up of a core of four large investments which account for the significant majority of the portfolio's value. In addition, the Company has smaller investments in uranium, coal, copper and a biotech company which, it believes, may still have upside from current valuation levels. The Company continues to seek to realise its investments but acknowledges that timing will be key; each investment is at a pivotal stage and any attempt to sell down a position before the relevant pivot (in most cases a fund raise) will likely prejudice the price attainable. In order to protect the remaining value in its portfolio, the Company will therefore invite shareholders to consider extending the life of the Company on a rolling annual basis. The accompanying notes 1 to 8 form an integral part of these financial statements. St Peter Port Capital Limited The accompanying notes 1 to 8 form an integral part of these financial statements. St Peter Port Capital Limited Consolidated Statement of Changes in Equity The accompanying notes 1 to 8 form an integral part of these financial statements. St Peter Port Capital Limited The accompanying notes 1 to 8 form an integral part of these financial statements. 1.      General Information St Peter Port Capital Limited is a Guernsey registered, closed ended investment company, admitted to trading on the AIM Market of the London Stock Exchange.  St Peter Port's investment strategy is primarily to invest in unquoted companies which are close to a liquidity event.  The funds invested by St Peter Port will often provide the working capital to make such an event possible.  The event could be an IPO, trade sale or repayment of a bridging loan (typically with warrants or other form of participation) from a fund-raising achieved by the investee at a higher price after the bridging event has occurred. The universe for investment is principally companies across a broad range of sectors and geography expecting to achieve a liquidity event in the months after the Company's investment.  However, in current conditions, it may also include companies which are already publicly quoted but where the equity value has been heavily eroded by the current market malaise.  The initial focus has been on companies targeting UK, US and Commonwealth stock markets, but companies looking to float on other exchanges will also be considered. The report on the full financial statements for the year ended 31 March 2017 has been signed and the financial information presented in this results announcement is an extract of these audited accounts.  Whilst the financial information included in this final results announcement has been computed in accordance with IFRS, this announcement does not itself contain sufficient information to comply with IFRS. The calculation of basic (loss)/earnings per share is based on the net loss from continuing operations for the year of £5,087,000 (2016: £13,721,000 net loss) and on 64,221,500 (2015: 64,221,500) shares being the weighted average number of shares in issue during the year.  There is no difference between basic earnings per share and diluted earnings per share. The Net Asset Value per Ordinary Share is based on the Net Asset Value at the end of the reporting period and on 64,221,500 (2015: 64,221,500) Ordinary Shares being the shares in issue at the year end. The Company is exempt from taxation under the terms of the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is liable to an annual fee of £1,200.  Subsidiaries are subject to tax in their respective jurisdictions. At the end of the reporting period, the Company held 12 pre-IPO investments totalling £16,540,000. This excludes all pre-IPO investments which have been written off. Of this, £16,492,000 was classified as financial assets held at fair value through profit or loss and £48,000 within Loans and receivables. The remaining financial assets held at fair value through profit or loss of £990,000 comprise a short-term tradeable sterling denominated listed Floating Rate Note issued by a major European bank (ABN Amro) and with an interest rate reset every three months to reflect changes in 3 month sterling Libor. The directors propose that a dividend of 0.75p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares") be paid in respect of the year to 31 March 2017. The dividend will be paid on 13 June 2017 to ordinary shareholders on the register as at 19 May 2017 (the "Record Date").  The corresponding ex-dividend date will be 18 May 2017. The Directors are intending to issue a circular alongside the published annual report and audited financial statements, including a notice convening the annual general meeting of the Company ("the AGM") scheduled for 15 June 2017. The Shareholders will be asked to vote in relation to continuing the life of the Company on a one year rolling mandate or commencement of an orderly winding-up. If the Shareholders vote in favour of an orderly winding-up, the Company will be placed into a liquidation process which is expected to take up to twenty-four months to conclude. There were no other significant events subsequent to the year end. Copies of the 2017 accounts will be posted to shareholders in due course.  Copies of this announcement (and the 2017 accounts in due course) are available from the Company at PO Box 119, Martello Court, Admiral Park, St Peter Port, Guernsey, GY1 3HB or alternatively on the Company's website at: www.stpeterportcapital.gg.


News Article | May 18, 2017
Site: www.prnewswire.com

"Under the leadership of CEO Nev Power, Fortescue Metals Group has rapidly risen to become the fourth largest iron ore producer in the world in little over a decade. We congratulate Fortescue Metals Group on this impressive win," said Martin Fraenkel, President of S&P Global Platts. "Each of this year's winners and finalists deserves praise for their contributions to a more efficient, innovative and globalized industry that continues to rise to new challenges." Fortescue Metals Group won the 2017 Metals Company of the Year title as well as the Industry Leadership Award – Raw Materials & Mining. In reaching its decision, the Platts Global Metals Awards' independent judging panel lauded the company's "strong and clever" leadership. FMG, which won the Rising Star Company Award in 2014, was praised by the judges for "achieving ambitious goals and hitting targets" making the firm one of the industry's strongest and most resilient. The coveted CEO of the Year award went to Sanjeev Gupta, Chief Executive Officer of Liberty House Group, the U.K.-based steel producer. Judges were impressed by Gupta's track record of successful acquisitions and hailed him as a "motivator" willing to "swim against the tide of pessimism" prevalent in the industry. Gina Rinehart, Hancock Prospecting Group's Executive Chairman, secured this year's Lifetime Achievement Award, with judges lauding her as "a leader of substance" with a "pioneering drive". Her "bold and ambitious" move to secure $7.2bn in funding to develop the Roy Hill project, this year's Rising Star Company Award winner, was also applauded by the judges. Aqua Metals, the 2016 Rising Star Company Award winner, continued to impress the judges, this year scooping the Breakthrough Solution of Year for commercializing its AquaRefining technology, a room temperature, water-based process and non-polluting process to recycling lead-acid batteries. The judging panel was impressed by the firm's "strong growth potential" and "global scale". For full details of the 2017 winners of the Platts Global Metals Awards and the judges' rationale, visit S&P Global Platts' Insight Magazine and the judges' rationale. Following are the 2017 Platts Global Metals Awards winners: Deal of the Year China Molybdenum Co Ltd Financial Metals Service Provider of the Year Singapore Exchange For additional information, as well as the full list of finalists from which the winners were selected, see the Platts Global Metals Awards website (http://gma.platts.com/). For information on sponsors and other supporters of the 2017 Platts Global Metals Awards visit: http://gma.platts.com/AboutSponsor. Nominations for next year's Platts Global Metals Awards will be accepted starting December 2017. S&P Global Platts will hold its sister awards gala, the 19th annual Platts Global Energy Awards  on December 7, 2017, in New York City at Cipriani – Wall Street. At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fortescue-metals-group-wins-metals-company-of-the-year-platts-global-metals-awards-300460456.html


HONG KONG & SHANGHAI--(BUSINESS WIRE)--China Molybdenum Co., Ltd (“CMOC”) is pleased to announce that all conditions precedent set out in the Stock Purchase Agreement with Freeport-McMoRan (“FCX”) to acquire their indirect 70 percent interest in TF Holdings Limited (“TFHL”) has been fulfilled and the transaction completed. TFHL is a Bermuda holding company that indirectly owns an 80 percent interest in Tenke Fungurume Mining S.A. (“Tenke”) located in the Democratic Republic of Congo (“DRC”). FC


This report studies sales (consumption) of Ammonium Molybdate in United States market, focuses on the top players, with sales, price, revenue and market share for each player, covering Climax Molybdenum H. C. Starck Molymet COBASE JDC Jinzhou New China Dragon Moly China Molybdenum Co., Ltd. Anhui Chizhou Taida Metallurgy Sinochem Hebei Corporation Dongtai Fengfeng Shaanxi Head-Moly Industry Jiangsu Shunchi Tungsten&Molybdenum Yuetong Molybdenum Best Molybdenum Taizhou Anda Nonferrous Metals View Full Report With Complete TOC, List Of Figure and Table: http://globalqyresearch.com/united-states-ammonium-molybdate-market-report-2016 Split by product types, with sales, revenue, price, market share and growth rate of each type, can be divided into Type I Type II Type III Split by applications, this report focuses on sales, market share and growth rate of Ammonium Molybdate in each application, can be divided into Application 1 Application 2 Application 3 United States Ammonium Molybdate Market Report 2016 1 Ammonium Molybdate Overview 1.1 Product Overview and Scope of Ammonium Molybdate 1.2 Classification of Ammonium Molybdate 1.2.1 Type I 1.2.2 Type II 1.2.3 Type III 1.3 Application of Ammonium Molybdate 1.3.1 Application 1 1.3.2 Application 2 1.3.3 Application 3 1.4 United States Market Size Sales (Value) and Revenue (Volume) of Ammonium Molybdate (2011-2021) 1.4.1 United States Ammonium Molybdate Sales and Growth Rate (2011-2021) 1.4.2 United States Ammonium Molybdate Revenue and Growth Rate (2011-2021) 5 United States Ammonium Molybdate Manufacturers Profiles/Analysis 5.1 Climax Molybdenum 5.1.1 Company Basic Information, Manufacturing Base and Competitors 5.1.2 Ammonium Molybdate Product Type, Application and Specification 5.1.2.1 Type I 5.1.2.2 Type II 5.1.3 Climax Molybdenum Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.1.4 Main Business/Business Overview 5.2 H. C. Starck 5.2.2 Ammonium Molybdate Product Type, Application and Specification 5.2.2.1 Type I 5.2.2.2 Type II 5.2.3 H. C. Starck Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.2.4 Main Business/Business Overview 5.3 Molymet 5.3.2 Ammonium Molybdate Product Type, Application and Specification 5.3.2.1 Type I 5.3.2.2 Type II 5.3.3 Molymet Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.3.4 Main Business/Business Overview 5.4 COBASE 5.4.2 Ammonium Molybdate Product Type, Application and Specification 5.4.2.1 Type I 5.4.2.2 Type II 5.4.3 COBASE Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.4.4 Main Business/Business Overview 5.5 JDC 5.5.2 Ammonium Molybdate Product Type, Application and Specification 5.5.2.1 Type I 5.5.2.2 Type II 5.5.3 JDC Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.5.4 Main Business/Business Overview 5.6 Jinzhou New China Dragon Moly 5.6.2 Ammonium Molybdate Product Type, Application and Specification 5.6.2.1 Type I 5.6.2.2 Type II 5.6.3 Jinzhou New China Dragon Moly Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.6.4 Main Business/Business Overview 5.7 China Molybdenum Co., Ltd. 5.7.2 Ammonium Molybdate Product Type, Application and Specification 5.7.2.1 Type I 5.7.2.2 Type II 5.7.3 China Molybdenum Co., Ltd. Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.7.4 Main Business/Business Overview 5.8 Anhui Chizhou Taida Metallurgy 5.8.2 Ammonium Molybdate Product Type, Application and Specification 5.8.2.1 Type I 5.8.2.2 Type II 5.8.3 Anhui Chizhou Taida Metallurgy Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.8.4 Main Business/Business Overview 5.9 Sinochem Hebei Corporation 5.9.2 Ammonium Molybdate Product Type, Application and Specification 5.9.2.1 Type I 5.9.2.2 Type II 5.9.3 Sinochem Hebei Corporation Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.9.4 Main Business/Business Overview 5.10 Dongtai Fengfeng 5.10.2 Ammonium Molybdate Product Type, Application and Specification 5.10.2.1 Type I 5.10.2.2 Type II 5.10.3 Dongtai Fengfeng Ammonium Molybdate Sales, Revenue, Price and Gross Margin (2011-2016) 5.10.4 Main Business/Business Overview 5.11 Shaanxi Head-Moly Industry 5.12 Jiangsu Shunchi Tungsten&Molybdenum 5.13 Yuetong Molybdenum 5.14 Best Molybdenum 5.15 Taizhou Anda Nonferrous Metals Global QYResearch ( http://globalqyresearch.com/ ) is the one spot destination for all your research needs. Global QYResearch holds the repository of quality research reports from numerous publishers across the globe. Our inventory of research reports caters to various industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. With the complete information about the publishers and the industries they cater to for developing market research reports, we help our clients in making purchase decision by understanding their requirements and suggesting best possible collection matching their needs.


Peng F.-H.,Changsha Institute of Mining Research | Li S.-L.,Xiamen University | Cheng J.-Y.,China Molybdenum Co. | Jia B.-S.,China Molybdenum Co.
Yantu Gongcheng Xuebao/Chinese Journal of Geotechnical Engineering | Year: 2014

By using the digital multi-channel microseismic monitoring system, the characteristics of blast stress wave propagation in deep complex and mined-out area and upper fractured rock mass are tested. The wave velocity is acquired by the curve fitting method, which uses the P wave triggering time and propagation distance. The results show that the wave velocities in deep complex and mined-out rock mass and upper coagula rock mass are obviously different. Fitted the curve by using the stress wave amplitude and propagation distance, it is found that the stress wave amplitude decreases in the form of power when the propagation distance increases. By using the signal spectrum analysis and filtering, the attenuation coefficient and frequency are in cubic polynomial relations, and the attenuation of the high-frequency wave is more obvious. The average quality factors in deep complex and mined-out area and upper fractured rock mass, are calculated and they are 4.055 and 2.478, far less than those of the original rock mass, indicating that the mined-out area and fracture have great influence on the stress wave propagation.


He T.,Xi'an University of Architecture and Technology | Wan H.,Xi'an University of Architecture and Technology | Song N.,China Molybdenum Co. | Guo L.,China Molybdenum Co.
Minerals Engineering | Year: 2011

With increasing molybdenum ore mining, the difficult to treat ores, i.e.; lower-grade and fine-disseminated ores have gradually increased in importance. Kerosene was widely used as the conventional collector of molybdenum flotation all along, but it does not adapt well to the flotation of molybdenite in difficult to treat ores. Meanwhile, kerosene has been cancelled from the manufacture catalogue in China, which makes large refineries no longer produce it, and in turn makes it difficult for a molybdenum flotation plant to purchase kerosene and makes it even harder for kerosene to keep a stable composition. Therefore, many molybdenum flotation plants began to apply diesel oil instead of kerosene as collector for molybdenite. However, the flotation results reveal that diesel oil from different manufacturers or being of different specifications from the same manufacturers has a different effect on the flotation of molybdenite, and pulp temperature has an obvious effect on the flotation efficiency of diesel oil. In pulp temperatures ranging from 10 to 30 °C, the flotation recovery of molybdenite increases with increasing high-boiling component in diesel oil. When pulp temperature is below 10 °C, the flotation recovery of molybdenite is related to the dispersibility of diesel oil, i.e.; the proportion of high-boiling and low-boiling component in diesel oil. Therefore, a molybdenum flotation plant should not blindly apply diesel oil instead of kerosene as the collector for molybdenite, but should select diesel oil that is suitable for the properties of its ore. This technical note is helpful to better select the proper collector for a molybdenum flotation plant. © 2011 Elsevier Ltd. All rights reserved.


News Article | October 19, 2016
Site: globenewswire.com

October 19, 2016 - Lundin Mining Corporation (TSX:LUN; OMX:LUMI) ("Lundin Mining" or the "Company") announces that Lundin Mining, Freeport-McMoRan Inc. (“Freeport”), and China Molybdenum Co., Ltd. (“CMOC”) have agreed to further extend the notice period during which the Company has the right to acquire Freeport's indirect interest in TF Holdings Limited ("TF Holdings") to November 15, 2016. On May 9, 2016, Lundin Mining received a notice from Freeport offering Lundin Mining the right to acquire Freeport’s indirect interest in TF Holdings at the same purchase price and on the same terms and conditions offered by CMOC. TF Holdings is the holding company that indirectly owns an 80 percent interest in Tenke Fungurume Mining S.A. ("Tenke").  Freeport and Lundin Mining each hold a 70 and 30 percent interest, respectively, in TF Holdings. Lundin Mining, in consultation with its legal and financial advisors, continues its strategic review in connection with its ownership interest in TF Holdings. Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the USA, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. On Behalf of the Board, The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on October 19, 2016 at 5:00 p.m. Eastern Time.


News Article | November 15, 2016
Site: globenewswire.com

Toronto, Ontario (November 15, 2016) - Lundin Mining Corporation (TSX:LUN) (OMX:LUMI) ("Lundin Mining" or the "Company") is pleased to announce that it has entered into a definitive agreement to sell its indirect interest in TF Holdings Limited (“TF Holdings”) to an affiliate of BHR Partners, a Chinese private equity firm, for $1.136 billion in cash and contingent consideration of up to $51.4 million, consisting of $25.7 million if the average copper price exceeds $3.50 per pound and $25.7 million if the average cobalt price exceeds $20 per pound, both during a 24-month period beginning on January 1, 2018 (the “Transaction”).  The consideration to be received by Lundin Mining is equal to the implied value of the Company’s stake in TF Holdings based on the transaction between Freeport-McMoRan Inc. (“Freeport”) and China Molybdenum Co., Ltd. (“CMOC”) announced on May 9, 2016. TF Holdings is a Bermuda holding company that owns an 80 percent interest in Tenke Fungurume Mining S.A.  ("Tenke"). Lundin Mining has an indirect 30 percent interest in TF Holdings and therefore, an effective 24 percent interest in Tenke. In connection with the Transaction, Lundin Mining has waived its right of first offer to acquire Freeport’s indirect interest in TF Holdings. The Transaction is subject to the receipt of certain regulatory approvals, the completion of Freeport’s sale of its interest in TF Holdings to CMOC and other customary closing conditions.  A termination fee of $100 million, which has been secured by a letter of credit that has been received by the Company, is payable to Lundin Mining in certain circumstances, including upon termination of the Transaction due to the failure to obtain necessary regulatory approvals. Mr. Paul Conibear, President and CEO commented: “The decision to sell our minority interest in Tenke has been arrived at following a careful and lengthy consideration of all options open to us. It was a difficult decision, respecting the 20 years of Lundin involvement in Tenke, and the special nature of this world class asset. The sale will enable Lundin Mining to advance its strategy to incrementally grow the company with projects and operations we control, while maintaining a strong balance sheet. We want to thank our long standing partners, Freeport and Gécamines, who have been instrumental in the development of Tenke into a world class operation to be proud of. We are confident that the new Tenke partners will continue to build on Tenke’s highly successful record and realize the future development potential of the properties.” The Transaction is expected close in the first half of 2017. BMO Capital Markets is acting as financial advisor to Lundin Mining.  Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cassels Brock & Blackwell LLP are acting as legal advisors to Lundin Mining. Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the USA, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. On Behalf of the Board, The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation and/or the Swedish Securities Market Act. This information was publicly communicated on November 15, 2016 at 2:00 a.m. Eastern Time. Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the applicable Canadian securities legislation including, without limitation, with respect to the timing of closing of the Transaction, the circumstances in which the termination fee is payable, and the Corporation’s strategy to seek out high quality base metal growth globally. Forward-looking information includes, but is not limited to information with respect to the Company’s strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: receipt of certain regulatory approvals; the completion of Freeport’s sale of its interest in TF Holdings to China Molybdenum Co., Ltd.; the ability of the buyer to secure financing to fund the purchase price; the satisfaction of closing conditions; uncertain political and economic environments; foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company’s Business in the Company’s Annual Information Form and in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, nickel, lead and zinc; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.


News Article | November 16, 2016
Site: www.businesswire.com

PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed the indirect sale of its 70 percent interest in TF Holdings Limited (“TFHL”) to China Molybdenum Co., Ltd. for $2.65 billion in cash. TFHL is a Bermuda holding company that indirectly owns an 80 percent interest in Tenke Fungurume Mining S.A. (Tenke) located in the Democratic Republic of Congo. FCX had a 70 percent interest in TFHL and an effective 56 percent interest in Tenke. FCX plans to use net


News Article | November 15, 2016
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Nov. 15, 2016) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company") is pleased to announce that it has entered into a definitive agreement to sell its indirect interest in TF Holdings Limited ("TF Holdings") to an affiliate of BHR Partners, a Chinese private equity firm, for $1.136 billion in cash and contingent consideration of up to $51.4 million, consisting of $25.7 million if the average copper price exceeds $3.50 per pound and $25.7 million if the average cobalt price exceeds $20 per pound, both during a 24-month period beginning on January 1, 2018 (the "Transaction"). The consideration to be received by Lundin Mining is equal to the implied value of the Company's stake in TF Holdings based on the transaction between Freeport-McMoRan Inc. ("Freeport") and China Molybdenum Co., Ltd. ("CMOC") announced on May 9, 2016. TF Holdings is a Bermuda holding company that owns an 80 percent interest in Tenke Fungurume Mining S.A. ("Tenke"). Lundin Mining has an indirect 30 percent interest in TF Holdings and therefore, an effective 24 percent interest in Tenke. In connection with the Transaction, Lundin Mining has waived its right of first offer to acquire Freeport's indirect interest in TF Holdings. The Transaction is subject to the receipt of certain regulatory approvals, the completion of Freeport's sale of its interest in TF Holdings to CMOC and other customary closing conditions. A termination fee of $100 million, which has been secured by a letter of credit that has been received by the Company, is payable to Lundin Mining in certain circumstances, including upon termination of the Transaction due to the failure to obtain necessary regulatory approvals. Mr. Paul Conibear, President and CEO commented: "The decision to sell our minority interest in Tenke has been arrived at following a careful and lengthy consideration of all options open to us. It was a difficult decision, respecting the 20 years of Lundin involvement in Tenke, and the special nature of this world class asset. The sale will enable Lundin Mining to advance its strategy to incrementally grow the company with projects and operations we control, while maintaining a strong balance sheet. We want to thank our long standing partners, Freeport and Gécamines, who have been instrumental in the development of Tenke into a world class operation to be proud of. We are confident that the new Tenke partners will continue to build on Tenke's highly successful record and realize the future development potential of the properties." The Transaction is expected close in the first half of 2017. BMO Capital Markets is acting as financial advisor to Lundin Mining. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cassels Brock & Blackwell LLP are acting as legal advisors to Lundin Mining. Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the USA, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. On Behalf of the Board, The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation and/or the Swedish Securities Market Act. This information was publicly communicated on November 15, 2016 at 2:00 a.m. Eastern Time. Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the applicable Canadian securities legislation including, without limitation, with respect to the timing of closing of the Transaction, the circumstances in which the termination fee is payable, and the Corporation's strategy to seek out high quality base metal growth globally. Forward-looking information includes, but is not limited to information with respect to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: receipt of certain regulatory approvals; the completion of Freeport's sale of its interest in TF Holdings to China Molybdenum Co., Ltd.; the ability of the buyer to secure financing to fund the purchase price; the satisfaction of closing conditions; uncertain political and economic environments; foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, nickel, lead and zinc; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

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