Every reporter Zeng Jian edits many articles
Under the lithium resource boom, all kinds of capital are ready to move.
No, a listed company engaged in cement and hazardous waste treatment business
also plans to join the battle. On the afternoon of September 23, Jinyuan Shares
(000546, SZ) announced that it planned to acquire a controlling stake in Chenyu
Mining Co., Ltd. (hereinafter referred to as Chenyu Mining) in Ali Prefecture,
Tibet. It is said that Chenyu Mining owns relevant salt lake assets, and the
listed company plans to invest in building a lithium carbonate production line
after the merger is completed.
What is curious is that the scale of Chenyu Mining does not seem to be
large. Does it have the technology to extract lithium from salt lakes? Do listed
companies with cross-border layout have relevant technical reserves in lithium
carbonate? In addition, before the investment was disclosed, the share price of
Jinyuan Shares had risen sharply.
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Subsidiary plans to acquire Salt Lake assets
According to a notice from Jinyuan Shares, the company's board of directors
reviewed and approved the resolution, agreeing that its wholly-owned subsidiary
Jinyuan New Energy will sign a "Cooperation Framework Agreement" with Li
Fengying, Zhong Xiufang, Li Songbin and their subsidiary Chenyu Mining. Li
Fengying, Zhong Xiufang, and Li Songbin collectively hold 100% of the equity of
Chenyu Mining, and they intend to sell 51% of the equity of Chenyu Mining to
Jinyuan New Energy.
It is reported that the acquisition method of Jinyuan New Energy is cash or
the issuance of shares of listed companies; according to early communication,
the existing shareholders and investors of Chenyu Mining recognized the overall
valuation of 100% equity of the company as 1.2 billion yuan.
Qixinbao shows that Chenyu Mining was established in 2007 with a registered
capital of 50.3 million yuan. According to a notice from Jinyuan Shares, Chenyu
Mining has a boron and magnesium mining license issued by the Natural Resources
Department of the Tibet Autonomous Region, with a mining area of 12.7765 square
kilometers. The mine is located in the Jibchaka Salt Lake in Gaize County,
Tibet, with a lake surface area of 9.042 square kilometers.
According to the resource reserve verification report, the exploitable
reserves of salt lake brine resources in the mining area are 44.484 million
cubic meters, the reserves of lithium chloride in brine are 102,400 tons
(average content 2301.75mg/l), and the reserves of boron oxide are 55,000 tons
(average content 1235.96mg) /l), sodium chloride reserves are 2.3291 million
tons (average content 52357.13mg/l), and potassium chloride reserves are 341,600
tons (average content 7678.67mg/l).
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Jinyuan Shares stated that according to the "Reply of the Department of
Land and Resources of the Tibet Autonomous Region on the New Mining Minerals of
Chenyu Mining Co., Ltd. in Ali Prefecture, Tibet", Chenyu Mining has been
approved to newly mine salt lake lithium mines and potassium salt mines, and
Chenyu Mining is in the process of processing. New mining license.
According to the agreement: Li Fengying and others promised that Chenyu
Mining’s existing lithium chloride reserves of 102,400 tons are ready for
mining; when the annual output of lithium carbonate and the actual mining volume
of Chenyu Mining’s mining rights certificate exceed 6,000 tons/year, Jin Yuan
New Energy agreed to continue to acquire the remaining 49% of its shares.
Jinyuan New Energy agreed to pay an investment intention fee of 20 million yuan
to the jointly managed accounts of both parties to the transaction.
sudden surge in stock price
At the beginning of its listing, Jinyuan Co., Ltd. was a building materials
company with a single main business of production and sales of cement, auxiliary
materials and cement products, production of building materials and technical
services. In 2017, the company raised 1.212 billion yuan through non-public
issuance and made a big move into the environmental protection industry. In
2020, the company expanded its business in the production of high-purity
non-ferrous metal materials and the deep processing of new materials such as
cobalt and nickel. Up to now, the important business of Jinyuan Co., Ltd. covers
three parts: building materials, environmental protection and new materials.
"Based on Chenyu Mining's abundant lithium, boron and other mineral
resources, after the acquisition is completed, the company will build a new
lithium carbonate production line and accelerate its expansion into the field of
new energy materials." Jinyuan Shares said. The company said it will use this
acquisition as the starting point for its layout and lay the foundation for its
expansion into the field of new energy materials by acquiring lithium
resources.
For Jinyuan Shares, investing in a lithium carbonate production line is
undoubtedly a cross-border move. Does the company have the relevant technology
and talent reserves? In this regard, a reporter from "Daily Economic News"
called Jinyuan Shares on September 23. The other party said that no one from the
company's securities department was there and that he personally did not know
the situation.
The national company credit information publicity system shows that in
2020, only 4 people in Chenyu Mining paid for "urban employee basic pension
insurance" and "unemployment insurance", and 1 person paid for "employee basic
medical insurance" and "maternity insurance" . With such a staff size, it is
curious whether Chenyu Mining has relevant technologies and talent reserves such
as salt lake lithium extraction. The reporter called the mobile phone number
listed in the company's industrial and commercial information on September 23,
but no one answered.
Qixinbao shows that Chenyu Mining shareholders Li Fengying and Li Songbin
also invested in companies such as Mianyang Chenyu Chemical and Sichuan
Yanyaoxin Mineral Products. It is unknown whether these companies are related to
lithium extraction from salt lakes.
It is worth mentioning that since late August, the stock price of Jinyuan
shares has been relatively strong. On September 22nd and 23rd, the company's
stock price rose 10.04% and 6.12% respectively.
Investors speculated in the stock bar that the previous stock price trend
was related to this acquisition plan, "No wonder it has risen in the past two
days", "This is the way to do it", "Fortunately I didn't run away, I know it
won't rise to the limit for no reason", "Every limit rises." Not for no
reason”.
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