Prosperity Minerals Holdings Ltd Sale Completion of Hangzhou Real Estate Project (2058J)
12 Juli 2013 - 10:40AM
UK Regulatory
TIDMPMHL
RNS Number : 2058J
Prosperity Minerals Holdings Ltd
12 July 2013
12 July 2013
Prosperity Minerals Holdings Limited
("Prosperity" or "the Company")
Completion of disposal of the Hangzhou Real Estate Project
Prosperity Minerals Holdings Limited (PMHL.L) is an iron ore
trader/operator and real estate owner/developer in the People's
Republic of China (PRC). Further to the Company's announcement on 2
May 2013, the Directors are pleased to announce that all conditions
for the disposal of its 50% interest in the Hangzhou Project have
been met and that Prosperity received RMB 219.7 million
(approximately US$ 35.7 million) after tax on 11 July 2013.
Enquiries:
Prosperity Minerals Holdings Limited +852 3187 2618
Patrick Li
Neelke Kruger-Logan
Citigate Dewe Rogerson +44 (0) 20 7638 9571
Martin Jackson
Priscilla Garcia
Daniel Stewart & Company plc +44 (0) 20 7776 6550
Corporate Finance: Paul Shackleton, Antony Legge,
Emma Earl
Corporate Broking: Martin Lampshire
Notes to Editors:
Prosperity (AIM: PMHL) is:
- an iron ore trader and operator serving the PRC;
- a specialised real estate owner and developer in the same
market; and
- an investor in two cement plants, also in the PRC.
Prosperity's 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,
Australia and South East Asia, Thailand and Malaysia in particular.
The majority of the Company's iron ore is sold to large steel
manufacturers in the PRC. In the fiscal years ended 31 March 2012
and 2013, Prosperity shipped 4.8 million tonnes and 2.8 million
tonnes of iron ore respectively.
In December 2010, Prosperity acquired a 35% effective interest
in United Goalink Limited (UGL), a Brazilian mining operation which
owns approximately 600 square kilometres of exploration rights and
3 square kilometres of mining concession in the State of Ceará in
the north east of the country. In the year ended 31 March 2013, UGL
shipped 111,490 tonnes of iron ore (which is included in the above
tally).
Prosperity's real estate investment and development division is
focused on creating an attractive portfolio of PRC property and
development assets. The Company has entered into a number of
agreements with partners to develop residential, commercial and
recreational projects principally in Guangzhou City and Changzhou
City in the southern PRC. Prosperity also owns an interest in an
existing commercial building in Guangzhou, which is a regional
capital and is located in the Pearl River Delta, the foremost
economic zone in the southern PRC.
Prosperity has two associate investments in the cement
manufacturing industry in the PRC. The Company holds a 33.06%
interest in Anhui Chaodong Cement Company Limited (ACC), located in
Anhui Province in the eastern PRC. The designed sellable production
capacity of ACC is 6 million tonnes of cement and clinker per
annum. In addition, Prosperity owns 16.11% of TCC Liaoning Cement
Company Limited which has a designed saleable production capacity
of 2 million tonnes of cement and clinker per annum. As announced
on 6 February 2013, this latter shareholding is the subject of a
conditional sale and purchase agreement.
The PRC is the World's second largest economy (behind the US)
and the biggest buyer of iron ore; it is also the largest producer
and consumer of cement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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