article, page-48

agree it a subsidiary. However when i looked at the NFC subsidiaries, it is shown "separately" per the link below, and involved in other metals too

However, yet another question I have for the AGM is the actual "sarco" ownership structures - board reps etc - as there are BVIs, HK, PRC domiciled companies that I have seen involved, a Laos incorporated entity (though cant see a corporate registry), and a lack of clarity of what resides where, i.e. 49% of what?

Anyway it still misses my key original points:
1) Largest shareholder has diluted from 20% to 4% (typically not a sign of confidence).
2) Frank's response on why (via Kori) doesn't sound convincing in the slighest
3) Luo Tao was/is a very senior member of every frikkin company involved in the laos project (CNMC, CNMIM, NFC, ORD, SARCO) - so suggesting all independent is laughable.
4) If "they" believe in the project - isn't increasing their stake in ORD a good way to get a larger stake in total project? I will pose that question to the Interim Chairman at the AGM. Given their stake is now only worth about $260k...I think he won't be sticking around either. My opinion only. Just all seems odd.
On the other hand, there is very proof of buying by 3 of the top 12 shareholders between april and the lastest preso - and none of the other 9 reducing their stake

http://www.nfc.com.cn/templates/en_T_new_list2/index.aspx?nodeid=88