Zhaojin Mining Industry Co. Ltd. Enter into Framework Agreement for Sale of Silver with Zhaojin Import and Export
Mar 22 15
On 20 March 2015, Zhaojin Mining Industry Co. Ltd. entered into the framework agreement for sale of Silver with Zhaojin Import and Export, pursuant to which the group agreed to sell silver to Zhaojin Import and Export and its subsidiaries for a term of three years commencing from 1 January 2015 to 31 December 2017. Subject to compliance with applicable laws and regulations and the Listing Rules, the framework agreement for sale of silver may be extended or renewed by the parties. The group agreed to sell silver to Zhaojin Import and Export at market price, which will be determined on a fair basis with reference to the morning or afternoon spot settlement price of no. 2 Silver quoted in Shanghai White Platinum & Silver Exchange on the date of price determination and taking the high price quoted by other buyers of silver. The parties to the framework agreement for sale of Silver have agreed that the price at which the group sells silver to Zhaojin Import and Export shall not be lower than the price charged by the group on independent third parties for the sale of same type of silver sold. Payment should be made by Zhaojin Import and Export within two days from the date of price determination by bank draft or telegraphic transfer. After full payment of the purchase price by Zhaojin Import and Export, the Group shall deliver the silver to Zhaojin Import and Export. According to the framework agreement for sale of Silver, each party shall give priority in purchasing the product from or selling the product to the other party provided that the terms offered by third parties are no more favorable than the terms offered by the other party. Both parties are entitled to sell the product to, or purchase the product from, third parties if the third parties purchase or sell the same or similar product at a more favorable price than the price available under the framework agreement for sale of Silver. Subject to compliance with the provisions of the framework agreement for sale of silver, the purchasing party is entitled to purchase the same or similar product from third parties if the provision of products by the selling party cannot meet the demand (either qualitative or quantitative) of the purchasing party. The parties shall ensure and procure their respective subsidiaries to enter, into specific product supply agreements, subject to compliance with the terms of the framework agreement for sale of Silver.
Zhaojin Mining Industry Co. Ltd. Announces Consolidated Unaudited Earnings and Production Results for the Year Ended December 31, 2014; Provides Production Guidance for the Year 2015
Mar 22 15
Zhaojin Mining Industry Co. Ltd. announced consolidated unaudited earnings and production results for the year ended December 31, 2014. For the year, the company reported revenue of RMB 5,606,182,000 against RMB 6,344,124,000 a year ago. Such decrease was primarily attributable to the fall in the selling price of gold. Profit before income tax was RMB 683,024,000 against RMB 993,557,000 a year ago. Profit attributable to owners of the parent was RMB 455,388,000 against RMB 734,085,000 a year ago. Earnings per diluted share were 0.15 cents\\ against 0.25 cents a year ago. Capital expenditure incurred during the year was RMB 3,019,682,000 against RMB 3,297,347,000 a year ago. The drop in profit was primarily attributable to the drop in gold prices during the year, which led to a drop in the selling price of gold and the increasing of interests accrued from private placement of financial instruments and gold leasing business.
For the year ended 31 December 2014, the group's total output of gold amounted to 32,904.96 kg (approximately 1,057,918.26 ozs), representing an increase of approximately 14.06% as compared to the previous year. Among which, 20,097.54 kg (approximately 646,150.34 ozs) of gold was mine-produced gold, representing a decrease of approximately 0.065% as compared to the previous year, and 12,807.42 kg (approximately 411,767.92
ozs) was smelted and processed gold, representing a rise of approximately 46.56% as compared to the previous year.
The company announced that in 2015, the company will focus on quality and efficiency and keep a close eye on the annual goal to achieve all the targets in 2015 by overcoming difficulties and developing supporting measures. Priority will be given to solve the prominent problems and eliminate
the bottlenecks in the production, to vitalize the production. The planned total annual output of gold amounts to 1,049,300 ozs (32,638.9 kg), representing a decrease of approximately 0.81% as compared to the corresponding period of last year, among which, self-produced gold amounts to 569,500 ozs (17,712.5 kg), representing a year-on-year increase of approximately 5.19%.
Zhaojin Mining Industry Co. Ltd. Proposes Final Dividend for the Year Ended 31 December 2014, Payable on or or Before 30 June 2015
Mar 22 15
The Board of Zhaojin Mining Industry Co. Ltd. proposed the payment of a cash dividend of RMB 0.05 (tax included) per share for the year ended 31 December 2014 against paid dividend of RMB 0.1 (tax included) a year ago, to all shareholders. The proposed distribution proposal for the year is subject to the approval by the shareholders at the annual general meeting for the year ended 31 December 2014, which will be held on 27 May 2015. If the distribution proposal is approved at the 2014 AGM, it is expected that the final dividend for the year ended 31 December 2014 will be paid on or before 30 June 2015 to the shareholders whose names appear on the register of members of the company on 2 June 2015.