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china vanadium titano - magn (893) Details

China Vanadium Titano-Magnetite Mining Company Limited, an investment holding company, is engaged in the mining, ore processing, iron pelletizing, and sale of iron concentrates, iron pellets, and titanium concentrates in the People’s Republic of China. The company owns four vanadium-bearing titano-magnetite mines, including the Baicao, Xiushuihe, Yangqueqing, and Cizhuqing mines; and one ordinary iron ore mine, the Maoling-Yanglongshan mine located in Sichuan Province. It primarily serves steel producers and downstream users of titanium-related products. The company is based in Central, Hong Kong.

1,918 Employees
Last Reported Date: 09/4/14

china vanadium titano - magn (893) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: CNY278.0K
Chairman, Chairman of Nomination Committee an...
Total Annual Compensation: CNY391.0K
Chief Financial Officer, Company Secretary an...
Total Annual Compensation: CNY1.2M
Compensation as of Fiscal Year 2013.

china vanadium titano - magn (893) Key Developments

China Vanadium Titano-Magnetite Mining Company Limited Provides Update on Event of Default

China Vanadium Titano-Magnetite Mining Company Limited announced in the 2014 announcements, among other things, that: (a) an Event of Default under the Exchangeable Notes occurred on 2 December 2014 by virtue of the Issuer’s failure in paying an amount payable by it under the Note Certificate within five business days following the Final Maturity Date; and (b) on 30 December 2014, the Investor granted a waiver in favour of the Issuer to waive the Event of Default and entered into the supplemental arrangement contemplated under the Supplemental Deed (the Supplemental Arrangement), subject to the consent of the other Noteholders. On 8 January 2015, the Investor received the consent from the other Noteholders to give effect to the waiver and the Supplemental Arrangement except that the Final Maturity Date under the Supplemental Arrangement shall be brought forward from 25 June 2015 to 25 March 2015. Save for the above, there are no other revisions made to the Supplemental Arrangement. Accordingly, the Final Maturity Date has been extended from 25 November 2014 to 25 March 2015 under the Supplemental Arrangement. On even date, the Investor granted its consent to the other Noteholders in relation to such other Noteholders’ waiver and supplemental arrangement which are materially similar in content to the Supplemental Arrangement. The Directors believe that the terms of the Supplemental Deed are fair and reasonable and in the interest of the shareholders of the company as a whole for the reasons set out in the 2014 Announcements and in view of the earlier date of potential redemption on 25 March 2015 (as opposed to 25 June 2015).

China Vanadium Titano-Magnetite Mining Company Limited Provides Earnings Guidance for the Year Ending December 31, 2014

China Vanadium Titano-Magnetite Mining Company Limited provided earnings guidance for the year ending December 31, 2014. In the interim report, the company reported, loss and total comprehensive loss attributable to owners of the company for the six months ended June 30, 2014 of approximately RMB 129.0 million and the market prices of iron ore products continue to fall in the second half of 2014, the group hence expects to record a loss and total comprehensive loss attributable to owners of the company of no more than approximately RMB 300.0 million for the year ending December 31, 2014 based on the initial assessment of the group's unaudited management accounts, as compared with the profit and total comprehensive income attributable to owners of the company of approximately RMB 179.1 million recorded for the corresponding period in 2013. The loss is mainly attributable to the recognition of an impairment loss on property, plant and equipment of the new iron pelletising plant; the decrease in sales volume and market prices of the Group's products as a result of the decrease in market demand; the increase in unit cost of sales of the group's products as a result of the decrease in production volume, as compared with that for the corresponding period in 2013.

China Vanadium Titano-Magnetite Mining to Appoint Wu Wen as Independent Non-Executive Director, Effective from November 01, 2014

China Vanadium Titano-Magnetite Mining will appoint Wu Wen as Independent Non-Executive Director. The effective date is November 01, 2014.


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