PMHL Prosperity

 

TIDMPMHL 
 
RNS Number : 9445R 
Prosperity Minerals Holdings Ltd 
01 September 2010 
 

1 September 2010 
 
                      Prosperity Minerals Holdings Limited 
                        ("Prosperity", or "the Company") 
 
                      Further Announcement in relation to 
                  the acquisition of a 25% investment interest 
                    in Liaoning Changqing Cement Co. Limited 
 
 
Prosperity Minerals Holdings Limited (AIM: PMHL.L) is an iron ore trading 
business serving the People's Republic of China ("PRC") and also a holder of 
investments in entities involved in the manufacture and sale of cement and 
clinker and specialty real estate development properties in the same market. 
 
Further to the announcement released on 24 May 2010, the Company today announces 
that all the necessary approvals for the acquisition of a 25% interest in 
Liaoning Changqing have been obtained. Completion of the Liaoning Acquisition 
took place today when Prosperity paid the consideration of RMB100 million 
(approximately GBP9.5 million) to the Vendor. 
 
Unless otherwise specified, the capitalised terms used in this announcement 
shall have the same meaning as those defined in the announcement dated 24 May 
2010. 
 
Enquiries: 
 
Prosperity Minerals Holdings Limited                          +44 (0) 20 7638 
9571 
Patrick Li 
Sandy Chim 
Neelke Kruger 
 
Citigate Dewe Rogerson                                              +44 (0) 20 
7638 9571 
Martin Jackson 
George Cazenove 
Kate Lehane 
 
Daniel Stewart & Company plc+44 (0) 20 7776 6550 
Emma Earl 
Paul Shackleton 
 
 
Notes to Editors: 
 
Prosperity (AIM: PMHL) is: 
 
*   an iron ore trading business serving the PRC; 
 
*   involved in the manufacture and sale of cement and clinker in the same 
market; and 
 
*   an investor in specialty real estate development projects. 
 
Prosperity recently disposed of its cement business in the PRC but retained its 
33.06% interest in Anhui Chaodong Cement Company Limited ("ACC"). ACC is located 
in Anhui Province in eastern PRC. The designed sellable output capacity of 
clinker** and cement at ACC is 3.4 million tonnes per year. On 1 September 2010, 
Prosperity acquired a 25% equity interest in Liaoning Changqing Cement Co. 
Limited ("Liaoning Changqing"). Liaoning Changqing completed construction of a 
new 2 million tonnes per annum cement and clinker production line in Liaoning, 
PRC in April 2010. Normal production commenced on 2 July 2010. 
 
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 7.9 million tonnes in the fiscal year ended 31 March 2010. 
 
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. 
 
As from 1 February 2010, Prosperity also has a real estate investment and 
development division and has recently entered into a number of agreements 
designed to build up a portfolio of PRC property and development assets. 
 
**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 
 
 ACQLBMPTMBMMMJM 
 

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