The price of downstream products of fluorspar rose, causing many companies to move to the idea of ​​expanding upstream. Yongtai Technology announced today that the company signed a share transfer agreement with Haisui Xin, the controlling shareholder of Hainan Xinhui Mining Co., Ltd. on July 13. The company plans to purchase 70% of Hainan Xinhui Mining Co. The equity. The reserves of calcium fluoride in the Shitong Mining Area owned by Xinhui Mining are 717,900 tons, and calcium fluoride is fluorite.
Yongtai Technology disclosed that, according to the record filing of the mineral resource reserves issued by the Hainan Provincial Department of Land and Resources, the mineral resources of the Shitong Mining Area owned by Xinhui Mining are 1.508 million tons and the reserves of calcium fluoride resources are 717,900 tons. Hu Hao promised that the mine mining and flotation business of Xinhui Mining had been approved by relevant departments and had normal production conditions.
The Shitong Mining Area is designed to mine 100,000 tons of fluorite ore in a year, use shaft development, floatation process to produce acid grade fluorite powder, flotation tailings to produce environmental protection bricks, and the production process is clean, environmentally friendly, and low in consumption. The project is planned to be put into production in 2011. It will annually produce 50,000 tons of acid-grade fluorite powder, which will transform the advantages of Qiongzhong County's unique mineral resources into local economic advantages.
Wing Tai Technology will complete the investigation, assessment and board decision-making and approval procedures for Xinhui Mining on August 15th. If the overdue term cannot be completed, the letter of intent will automatically become invalid and the exporter can transfer this portion of equity to any third party before Hu Hao. The company will refund the deposit paid by the company.
Yongtai Science and Technology stated that due to domestic restrictions on the export of fluorspar and hydrofluoric acid, the international fluorine chemical industry is accelerating its transfer to the domestic market, and domestic companies will face a better development environment and opportunities. If the above cooperation intention is implemented, the company will have strong advantages in terms of upstream resources, inject more vitality into the company's current fluorine chemical industry, and improve the company's overall competitiveness.
Similar to Wing Tai Technology, San Aifu, who is engaged in the downstream industry of fluorochemicals, also has plans to enter the upstream to purchase fluorite mines. However, whether the downstream industry needs to open up the upstream fluorspar link can be described as a benevolent wise man in the industry, because the environmental costs of mining fluorite are high.
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