Are we there yet - Just a snippet of news if you want to take it as it is printed 2nd February 2010 http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&NewsID=30994 Hanlong gets approval from NDRC, MOC
Feb. 2, 2010 (China Knowledge) - Sichuan Hanlong Group, which is expert in capital operation and investment management, has obtained approval from the National Development and Reform Commission and the Ministry of Commerce to buy into an Australian molybdenum ore company.
According to the acquisition agreement, Hanlong subsidiary Hanlong Mining Investment Co will buy a 51% stake in Moly Mines Ltd for US$200 million, and it has the option to buy 35.5 million shares at C$1 per share within three years, which would increase its shareholding to 55.3%.
Reportedly, Hanlongs acquisition has now RECEIVED ALL THE NECESSARY APPROVALS from the Chinese and Australian governments and will proceed soon.
Hanlong will finance a new project of Moly Mines after the equity transfer, according to the framework agreement which was signed by the companies in Hong Kong on Oct. 19 last year. It is estimated that the project will generate annual sales of RMB 10 billion and annual profit of RMB 2 billion when it is operational in three years.
May hear an ANNOUNCEMENT sooner than soon.
MOL Price at posting:
95.5¢ Sentiment: Buy Disclosure: Held
