Dazhong Mining cancels Yangzhong mineral processing and trade project

Due to changes in market conditions, Dazhong Mining Co., Ltd. has decided to terminate its Yangzhong mineral processing and trade base Project. Accordingly, the board has approved the signing of a termination agreement with the Jiangsu Yangzhong Economic Development Zone Administrative Committee and Yangzhong Urban Construction Investment Development Group Co., Ltd., and the deregistration of the project's operating entity, Dazhong Mining (Yangzhong) Co., Ltd.

The original project included the Shenghao Port with an estimated throughput of 15 million tonnes per annum (Mtpa), a 6.25Mtpa ore processing facility, storage yards for 5Mtpa of iron concentrate and raw ore, and a 10Mtpa trade yard handling iron concentrate, pellets, mica-based materials, and dry-mix mortar. The total investment was estimated at no less than RMB1.52 billion (USD212 million).