The latest announcement from Shengtun Mining: It plans to invest in a high-volume matte nickel project in Indonesia with an annual output of 40,000 tons of nickel metal.
1. Shengtun Mining announced that its wholly-owned subsidiary plans to establish Shengmai Nickel in Indonesia with Extension. Shengmai Nickel's initial authorized registered capital is US$1 million. Hongsheng International holds a 70% stake in Shengmai Nickel, and Extension holds a 30% stake in Shengmai Nickel. Shengmai Nickel plans to invest in a high-metal matte project with an annual output of 40,000 tons of nickel metal in the Weda Bay Industrial Park (IWIP) in Indonesia. The total investment in project construction is US$350 million. Calculated based on the company’s shareholding ratio, the company’s external investment amount this time is US$245 million, equivalent to RMB 1.566 billion.
2. Shengtun Mining Group Co., Ltd. (hereinafter referred to as the "Company" or "Shengtun Mining") recently received a notice from the actual controller, Mr. Yao Xiongjie, and learned that Mr. Yao Xiongjie held it Some of the company's stocks were pledged and unpledged.
3. Shengtun Mining Group Co., Ltd., the 36th meeting of the 10th board of directors resolved to announce that the company’s board of directors and all directors guarantee that the content of this announcement does not contain any false records, misleading statements or material omissions, and shall be individually and jointly responsible for the authenticity, accuracy and completeness of its content.
4. The 36th meeting of the 10th Board of Directors of Shengtun Mining Group Co., Ltd. (hereinafter referred to as "Shengtun Mining" or the "Company") was held by communication and fax on December 2, 2021. The meeting was held in a convened manner. Seven directors should be present at the meeting, but actually seven directors were present. The meeting was presided over by Mr. Chen Dong, the chairman of the board. This meeting complied with the provisions of the "Company Law of the People's Republic of China" and other relevant laws, regulations, rules, normative documents and the "Articles of Association of Shengtun Mining Group Co., Ltd."
The global new energy vehicle industry has ushered in a new stage of rapid development, which has brought about rapid growth in demand for ternary power batteries and the nickel materials they require. In order to implement the company's upward control of resources, it has expanded its materials downwards. strategy to further meet the growing demand of the global power battery market. Based on the unremitting efforts of the company's management team in the early stage, the company decided to continue to invest in the development and construction of the Weda Bay Industrial Park on Halmahera Island, Indonesia, with an annual output of 40,000 tons of nickel metal high matte nickel project.
The registered capital of Shengmai Nickel is US$1 million. Hongsheng International holds 70% of the equity; Extention holds 30% of the equity. The total investment in the high-ice matte nickel project with an annual output of 40,000 tons of nickel metal is expected to be 350 million U.S. dollars. Calculated based on the company’s shareholding ratio, the company’s external investment amount is 245 million U.S. dollars, equivalent to RMB 1,565,550,000 (calculated based on the exchange rate of 1 U.S. dollar = 6.39 yuan)