China Shen Zhou Hosts Ceremony for Production Start at Xinyi Fluorite Companyadmin
China Shen Zhou Mining & Resources Inc. a company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced that its subsidiary, Xinyi Fluorite Company Ltd. (“Xinyi”), held a grand ceremony at the Zi Yi Shan Hotel in Jingde County, Anhui Province, on March 28, 2011 to celebrate the initial commercial production at the Sanxi Old Town flotation plant.
Xiaojing Yu, CEO of China’s Shen Zhou Mining Resources Co., Ltd., attended the ribbon-cutting ceremony together with Guangyong Zhang, the Jingde county magistrate and the deputy secretary of the county, Guanqi Fang, Chairman of the Jinde County Council, Zheng Liu, deputy director of the county’s congress, Fulin Jiang, general secretary of the China Non-metallic Minerals Industry Association Fluorite Committee (CNMIAFC) and Liancheng Li, the general secretary of the National Inorganic Fluoride Collaborative Group.
Xiaojing Yu, CEO of China Shen Zhou, commented: “Benefitting from the excellent investment environment in Jingde County, Xinyi upgraded its mines and processing plants to achieve its operational targets. China Shen Zhou will continue acquiring and combining high-quality resources within its current focus on fluorite and non-ferrous metals. Acquiring Xinyi was a good beginning to this acquisition strategy to achieve further industry leadership.”
Fulin Jiang also commented: “China Shen Zhou is a leading company in China’s fluorite industry with rich investment and management experience. It was the right decision at the right time for China Shen Zhou to acquire Xinyi and to develop additional fluorite resources. We are confident that Xinyi will achieve even more brilliant achievements in the near future with the support of the fluorite special committee and Jingde County.”
Xiangfu Jia, a director of Xinyi, commented, “The Sanxi Old Town flotation plant formally started production today. Xinyi expects to produce 35,000 metric tons of fluorite powder in 2011 with estimated income to reach approximately RMB 70 million, which is consistent with management’s expectation at the time of acquisition”.