What follows represents what my research has revealed about the...

What follows represents what my research has revealed about the entities linked to Stone Mining (CRE/FML involvement) and Stone Resources (AAM involvement), without providing any conclusions (will put the same post on the AAM and CRE boards, although maybe with a title change).

The Stone corporate structure reveals that the major entity behind all the Stone Group of companies (including Stone Mining and Stone Resources) is a private company, Beijing Stone Investment Co Ltd.

According to shareholder information supplied to the Hong Kong Stock Exchange, Beijing Stone Investment Co Ltd is 51% owned by Beijing Stone Employees' Shareholding Society.

The direct quote regarding ownership is "Beijing Stone Employees' Shareholdings Society is a society organization registered in the PRC. Its members comprise individuals who are/were employees of Beijing Stone Investment who contributed to the registered capital of Beijing Stone Employees' Shareholdings Society for the purpose of investing in Beijing Stone Investment".

Having some difficulty with this circular ownership, I undertook some lateral research on public domain executive profiles of Beijing Stone Investment Co Ltd associated and affiliated public and private companies.

This research revealed that a number of mid level executives in such companies listed in their profiles that they had at one time worked for the "state owned Beijing Stone Investment Co Ltd".

It is also interesting to note that whilst the Stone Group was listed on the Hong Kong Stock Exchange as a public company (open to full scrutiny) it reverted to a private unlisted company in November 2009 at the insistence of its major shareholder, Beijing Stone Investment Co Ltd (minor shareholders were paid out in cash).

Today, while still a private company, the Stone Group maintains shareholdings to various degrees in a number of listed public and private companies throughout the world, and does not appear to have difficulty in raising cash to support its investments.