CNNCI: INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30TH JUNE, 2012
August 23, CNNC International Limited (HK:2302) --
The Board of Directors (the "Board") of CNNC International Limited(the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30th June, 2012 (the "Period"), together with comparative figures for the corresponding period of 2011, as follows:
…
MANAGEMENT DISCUSSION & ANALYSIS
Following to the disposal of the entire interest in United Non-Ferrous (Overseas) Limited and its subsidiaries ("Disposal Group") (the "Disposal") previously held by the Company in 2011, during the Period under review, the Group's main activities were the exploration and trading of uranium mineral properties.
Business review
The Group continued to develop the two uranium resources projects.For the Mongolian project, the Group has been actively applying for mining licenses for with aim of obtaining those licenses from the Mongolian government authority within the year. Currently,negotiations were conducted between the Group and the Mongolian government to form a joint venture company to develop the Mongolian project. The allocation of equity for the Mongolian project will be in compliance with the relevant policies for strategic investment of resources in Mongolia. The Group will own 49% of the joint venture company. The Niger project has begun trial production and its production process is being refined and adjusted for full production. The Group has continued to search for optimum opportunities for the uranium trading business and had identified a buyer for the uranium mineral properties currently in stock. The sale transaction is expected to complete in the second half of 2012.
…
Future strategy and outlook
…
The focus of the second half of 2012 will be the review and appraisal of the feasibility report and the environmental impact assessment report required for the application of the mining licenses of the Mongolian project. It is hoped that the entering into of the joint venture agreement, the execution of the articles of association and investment agreement, and the approval of mining licenses for uranium application will be completed by the end of 2012. The development for this investment project is expected to commence in 2013.
…
Link to report
The Board of Directors (the "Board") of CNNC International Limited(the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30th June, 2012 (the "Period"), together with comparative figures for the corresponding period of 2011, as follows:
…
MANAGEMENT DISCUSSION & ANALYSIS
Following to the disposal of the entire interest in United Non-Ferrous (Overseas) Limited and its subsidiaries ("Disposal Group") (the "Disposal") previously held by the Company in 2011, during the Period under review, the Group's main activities were the exploration and trading of uranium mineral properties.
Business review
The Group continued to develop the two uranium resources projects.For the Mongolian project, the Group has been actively applying for mining licenses for with aim of obtaining those licenses from the Mongolian government authority within the year. Currently,negotiations were conducted between the Group and the Mongolian government to form a joint venture company to develop the Mongolian project. The allocation of equity for the Mongolian project will be in compliance with the relevant policies for strategic investment of resources in Mongolia. The Group will own 49% of the joint venture company. The Niger project has begun trial production and its production process is being refined and adjusted for full production. The Group has continued to search for optimum opportunities for the uranium trading business and had identified a buyer for the uranium mineral properties currently in stock. The sale transaction is expected to complete in the second half of 2012.
…
Future strategy and outlook
…
The focus of the second half of 2012 will be the review and appraisal of the feasibility report and the environmental impact assessment report required for the application of the mining licenses of the Mongolian project. It is hoped that the entering into of the joint venture agreement, the execution of the articles of association and investment agreement, and the approval of mining licenses for uranium application will be completed by the end of 2012. The development for this investment project is expected to commence in 2013.
…
Link to report
Comments
Post a Comment