Shanghai Construction Engineering Group, the hotte

Upstream: Shanghai Construction Engineering Group Co., Ltd. controls African gold mine with us $80million

upstream: Shanghai Construction Engineering Group Co., Ltd. controls African gold mine with us $80million

through these, the cohesion, sense of belonging and sense of achievement of employees have been greatly improved -02 China Construction Machinery Information

Guide: April 26, The board of directors of the company considered that in addition to the regular adjustment, Shanghai Waijing Group Holdings Co., Ltd., a wholly-owned subsidiary of the company, purchased 60% of the equity of Zara mining company in the African state of Eritrea at a price of US $80million, which has included the corresponding mining rights of Koka gold mine and the exploration rights of other areas of Zara project as a whole

on April 2, it was considered that the plastic new material industry in this town is developing rapidly. On April 6, the board of directors of the company approved the company's wholly-owned subsidiary Shanghai Waijing Group Holdings Co., Ltd. to purchase 60% equity of Zara mining company in the African state of Eritrea at a price of US $80million. When the price has been broken, the prefix 10 will automatically stop, including the corresponding value of the mining right of Koka gold mine and the exploration right of other areas of Zara project

according to relevant agreements, Zara mining legally owns 2 mining licenses of Koka gold mine and 6 Exploration licenses of Zara mining area. The authorization date of the mining certificate of Koka gold mine is January 11, 2012, and the period is 18 years. The authorized area is 16.42 square kilometers

the Koka Gold Mine Research Report shows that the reserves are classified and estimated according to the JORC standard. Using 1.2 g/T as the cut-off grade, the proved Koka gold mine resources are 5million tons, the grade is 5.1 g/T, and the estimated reserves are 760000 ounces. The total licensed area of the exploration certificate of the six zhala mining areas is 358 square kilometers. The main assets of Zara mining include the above mining certificates and some equipment. At present, it does not own any land and houses

Shanghai Construction Engineering Group said that if the equity acquisition is completed and the gold mine is successfully mined, it will drive the project contracting business of the company or Shanghai Foreign Economic Cooperation in Eritrea and bring investment income. In addition, Shanghai foreign economic cooperation can take this project as an opportunity to gradually accumulate business experience in mining driven project contracting, give priority to the market opportunities of other projects driven by the gold mine project, and further expand the business scale in Eritrea

however, the company also pointed out that this acquisition needs to be approved by relevant government departments and confirmed by the resolution of Charles' general meeting of shareholders, and there is still uncertainty. If the acquisition can be successfully implemented, there are still uncertainties in the construction, mining and operation of the project in terms of whether the politics and policies of the country where the project is located are stable, whether the mineral resource valuation can be realized, whether the project construction and mining process is smooth, and the international gold price fluctuations