Here's a crude translation (from Google CHrome) from an article in The 21st Century Business Herald. Interesting that it's dated May 4th...
"May 4, this newspaper exclusively learned that four-Chuan Tai Fung Group of private enterprises has recently and Australia Ferrowest Limited (referred to as the FWL company) signed a binding investment framework agreement, investment options Taifeng way intended to become the largest shareholder of FWL. Once approved the agreement, Thailand will have the abundance of Yalgoo iron ore project in Western Australia and Western magnetite, 50% of resources.
A few days after signing the contract, are catching up with FWL its iron ore exploration in a new progress. Yogi Yalgoo iron ore tenements within the project has completed 1,250 m of drilling, exploration to a significant magnet structural layer, the returned results as high as 41.9% iron grade.
The discovery setting a FWL resources previously announced, the current inferred resources of mineral rights Yogi reached 572.5 million tons, iron grade of 27.51%. The goal is to FWL Yogi magnet in reserves 800 000 000 -12 million tons.
This makes 8 would leave for Australia's Tai Fung, chairman of Song Yuangang excited. The FWL went on to do due diligence to further examine the company's iron ore reserves, mineral prospecting area, grade, etc., on this basis, then determine the specific amount of investment.
In fact, the Tai Fung Chinese private enterprises can be described as a big winner in Australia. Since 2004 has started to find mine, Tai Fung has entered the Australian iron ore and copper project in more than a total investment of about 13 billion yuan.
Tai Fung last year to 47.1 million Australian dollars in the White Australia IMX Resources. February of this year, Tai Fung has signed with Australia CSE merger agreement.
April 25, Australian Prime Minister Julia Gillard for the first time during his visit, as with representatives of Sichuan, Song Yuangang introduced to Gilad business investment in Australia some of the situations, and for the first time revealed that they will continue to increase mining investment in Australia, the acquisition of a new iron ore project, expected to be signed next month.
May 4, deputy general manager of Tai Fung Luo Jiqiu in an exclusive interview with this reporter about the agreement by the definition of interpretation, the terms list and the other provisions of the three parts. The two sides have reached investment intentions, made by the Tai Fung for the two iron ore projects FWL investigative powers to carry out due diligence. Once the acquisition of FWL successful, the acquisition of Tai Fung deposit will be paid to investment principal.
Luo said the acquisition of listed companies in accordance with the relevant Australian mining law, individuals and units shall not exceed the maximum shareholding of Australia's mineral resources, the local 20% of total share capital of the company, and holdings of no more than 5% per year. Therefore, the proposed first step Taifeng FWL19.9% of the shares acquired, becoming its largest shareholder, holdings of shares in a later year.
He said the agreement by the parties, once the equity investment success, Tai Fung will have two major iron ore project FWL 50% of the amount of resources. Not yet completed the due diligence, not to the reporters to disclose the specific amount of investment and ultimately the resources to visit reserves.
FWL site revealed that the company was founded in 2005, composed by a number of natural investment. The company's two major iron ore project is still in the prospecting stage. Yalgoo iron ore project has been completed and preliminary scoping studies, engineering studies being clear. In transport, the western magnetite project has been completed through the 185 km railway to transport iron ore.
As early as last September, FWL funding gap due to Yalgoo iron ore project and the western magnetite project, with a number of steel companies interested in investing in upstream investment and underwriting conducted to discuss cooperation, but without success.
Flexible private mechanisms, so that once again tasted the sweetness of Tai Fung. According to Song Yuangang revealed to our reporter, M & O rate, Tai Fung's own funds often account for 60% of the total investment is about, this is mine Tai Fung won an important reason for success.
Now, from the Australian resources company IMX magnetite ore has been mined many times by ship back to China, amounting to several hundred thousand tons. IMX took over the company, Tai Fung also advantage of the opportunity to obtain the company's nickel mine in Tanzania, exploration rights, the recent exploration will invest 10 million yuan. Company after the acquisition of CSE, Tai Fung proposed a copper smelter in the local community, are environmentally friendly argument.
Transported back in Thailand abundance of iron ore washing plant in Yingkou washing, the size of this year will reach 250 million tons.
"Pellet plant will be commissioned this month." Luoji Qiu said the pellet plant in Yingkou area of 250 mu, annual output of 2.5 million -350 million tons of pellets.
Thai real estate background has a rich mining partners in Sichuan Province Bureau of Geology.
Late last year, and Geological Prospecting Bureau Tai Fung Xin Ye overseas companies invested 10 million yuan jointly established Beijing Jin Tai Yuan Chong Mining Development Co., Ltd., holding 60% of the Tai Fung, Bureau of Geology and Mineral Resources is entrusted to foreign exploration."
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