Qinhuangdao Tianye Tonglian Heavy Industry Co., Ltd. issued a mining investment announcement on the 13th. On September 9, 2011, the company and the three shareholders of Haohan Yinyi Mining Co., Ltd. signed the “Agreement on Equity Transfer and Capital Increase and Share Expansion of Haohan Yinyi Mining Co., Ltd.â€.
Tianye Tonglian plans to purchase a partial equity of Yinyin Mining's current shareholder by RMB 135 million and increase the investment in Yinyi Mining to obtain a 75% equity interest in Yinyi Mining after the capital increase. This is the first time the company has entered the fluorine chemical industry.
Yinyi Mining was established in 2006 and is in the preparatory stage of investment for the first three years. With the mature production technology from the second half of 2010, it officially launched the production of hydrogen fluoride products. From January to May 2011, the sales were good, achieving a net profit of 382.15 Ten thousand yuan. The current core assets of Yinyi Mining include fluorite ore, a fluorspar processing plant with a daily processing capacity of 300 tons, and a hydrofluoric acid production facility with an annual production capacity of 10,000 tons. In 2012, Yinyi Mining will complete the integration of all existing fluorspar mining warrants in the Aohan Banner; through the expansion of production, it will achieve an annual production capacity of 30,000 tons of hydrofluoric acid.
Yinyi Mining owns the mining rights of Baizhangzi fluorite ore, and the transfer procedures for the exploration rights in the Longfenggou mining area have not yet been completed. Baizhangzi fluorite ore is located in Fenghe Township, Aohan County, Chifeng City, Inner Mongolia. The mining area is 2.9 square kilometers. Currently, the proven ore reserves are 460,511 tons, and the retained ore reserves are 331,469 tons, with an average grade of 58.31%. The current production scale is 15,000 tons/year. The ore is mainly used for the production of hydrofluoric acid in Yinyi Mining.
With the strategic restrictions on fluorite resources in China and the continuous expansion of downstream applications in the fluorine chemical industry, the fluorine chemical industry faces a good development environment and opportunities. Tianye Tonglian hopes to rapidly intervene in the fluorine chemical industry and extend it to the downstream industries in a timely manner to build new industrial sectors and profit growth points.
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