Result of Annual General Meeting
September 03 2010 - 5:31AM
UK Regulatory
TIDMPMHL
RNS Number : 1162S
Prosperity Minerals Holdings Ltd
03 September 2010
3 September 2010
Prosperity Minerals Holdings Limited
("Prosperity") or ("the Company")
Result of Annual General Meeting
The Directors of Prosperity are pleased to announce that, at the Company's
Annual General Meeting held today, all resolutions put to the meeting were duly
passed.
Further enquiries:
Prosperity Minerals Holdings Limited Tel: + 44 (0) 20
7638 9571
Patrick Li
Sandy Chim
Neelke Kruger
Daniel Stewart & Company plc Tel: + 44 (0) 20
7776 6550
Emma Earl
Paul Shackleton
Citigate Dewe Rogerson Tel: + 44
(0) 20 7638 9571
Martin Jackson
George Cazenove
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
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