Disposal of Cement Business
April 29 2010 - 8:47AM
UK Regulatory
TIDMPMHL
RNS Number : 0578L
Prosperity Minerals Holdings Ltd
29 April 2010
29 April 2010
Prosperity Minerals Holdings Limited
("Prosperity") or ("the Company")
Shareholder Update
Disposal of Cement Business
in the People's Republic of China
Further to the Company's previous announcements in respect of the Disposal of
the majority of its cement business, Prosperity Minerals Holdings Limited (AIM:
PMHL.L) is pleased to announce that on 29 April 2010, Pro-Rise (a wholly-owned
subsidiary of the Company) and the Company received an irrevocable Completion
Notice from the Purchaser (TCC International Holdings Limited) to complete the
Disposal. The Completion Date for the Disposal is set to be 30 April 2010. A
further announcement will be made following the Disposal.
Unless otherwise specified, capitalised terms used in this announcement shall
have the same meaning as those defined in the circular of the Company dated 4
February 2010.
Further enquiries:
Prosperity Minerals Holdings Limited Tel: + 44 (0)
20 7638 9571
Patrick Li, Chief Financial Officer
Sandy Chim, Non Executive Director
Neelke Kruger, Investor Relations
Citigate Dewe Rogerson Tel:
+ 44 (0) 20 7638 9571
Martin Jackson
Kate Lehane
Daniel Stewart & Company plc Tel: + 44
(0) 20 7776 6550
Simon Leathers
Emma Earl
Notes to Editors:
Prosperity (AIM: PMHL) operates a cement manufacturing business in the People's
Republic of China ("PRC") and an iron ore trading business serving the same
market.
Prosperity is in the process of disposing of the majority of its cement business
in the PRC with the Completion Date set for 30 April 2010. Prosperity is
retaining its 33.06% interest in Anhui Chaodong Cement Company Limited ("ACC")
which is located in Anhui Province in the eastern PRC. The designed sellable
output capacity of clinker** and cement at ACC is 3.4 million tonnes per year.
The iron ore trading business has been operating since 1992 and sources iron
ore, for shipment and use in the PRC, from major international iron ore
producers in South Africa, Brazil and Australia, as well as from South East
Asia, Thailand and Malaysia in particular. The majority of the Company's iron
ore is sold to the large steel manufacturers in the PRC and, in the fiscal year
ended 31 March 2009, Prosperity shipped 4.4 million tonnes of iron ore. This
volume increased to 5.2 million tonnes in the six months ended 30 September
2009.
The PRC is the world's third largest economy (behind the US and Japan) and the
largest producer and consumer of cement and the biggest buyer of iron ore.
**Clinker is a complex calcium alumino-silicate material produced by the
calcinations of limestone and clays. It is then ground and mixed with gypsum to
form cement or, more correctly, Portland Cement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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