China Natural Resources, Inc.
China Natural Resources, Inc. (CHNR) through its operating subsidiaries is engaged in the acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sale of iron, zinc and other nonferrous metals, micaceous oxide and copper concentrate extracted or produced at mines primarily located in Anhui Province, Hainan Province and Guangdong Province in the People's Republic of China (PRC); operating a copper smelting facility in Inner Mongolia, PRC, and the sale of blister copper and sulfuric acid resulting from the smelting process, and operating a coal mine under construction in Huajuexiang, Jinsha County, Guizhou province, the PRC. On March 4, 2008, CHNR acquired Mark Faith and its wholly owned subsidiary, Feishang Copper from Feishang Group. In October 2009, the Company completed the disposition of a 60% equity interest in Mark Faith Technology Development Limited to Joysight Limited.
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China Natural Resources disposes of 60pct stake in Mark Faith
China Natural Resources Inc (Nasdaq:CHNR) yesterday announced that on September 29, 2009, it completed the disposition of a 60 percent equity interest in Mark Faith Technology Development Limited to Joysight Limited for US$21m. Prior to the disposition, Joysight, an unrelated third party, was already the owner of the remaining 40 percent equity interest.
The purchase price is evidenced by an unsecured promissory note executed and delivered by Joysight which bears interest at the rate of 5 percent per annum and matures on February 26, 2010.
Mark Faith, through its wholly owned subsidiary , Bayannaoer City Feishang Copper Company Limited, engages in the smelting and refining of copper in Inner Mongolia.
Mr. Li Feilie, Chairman and CEO of China Natural Resources, Inc. commented: "The profitable sale of our remaining interest in Mark Faith will not only strengthen our working capital but also enable us to concentrate our resources on the core coal and nonferrous metal mining businesses."
