Minco Silver continues to progress permitting of the combined Fuwan Silver Project and Changkeng Gold Project in Guangdong province. Since 2016 the company has been working to combine Fuwan with the adjoining Changkeng project.
A Mining Area Permit, which covers approximately 0.79sqkm, defines the mining limits of the Fuwan project and restricts use of this land to mining activities, was approved by the Ministry of Land and Resources (MOLAR). This permit expires on April 10, 2018.
The company has completed a development plan for the combined project and this is ready to be submitted to MOLAR.
It also expects to complete the latest environmental impact assessment report for the combined project soon.
Green Dragon finalises CBM agreement
STATE-BACKED China National Offshore Oil Corporation (CNOOC) is accelerating plans to unlock the value of the joint coalbed methane (CBM) assets it holds with Green Dragon Gas. An MoU between Green Dragon Gas and CNOOC subsidiary China United Coalbed Methane Corporation (CUCBM) has been finalised.
The MoU covers five production sharing agreements and two supplementary agreements, all of which cover the Shizhuang South (GSS) and Shizhuang North (GSN) projects.
Green Dragon says the MoU, which follows eight years of negotiations, resolves any uncertainty related to historic drilling on GSS and GSN.
As a result, Green Dragon’s stake in GSS reverts to 70% in all 1139 carried wells and at the same time, the company retains its interest and operatorship in 200 non-carried wells.
CUCBM will invest US$100 million in GSN by March 2019.
Seven Group sells WesTrac China
Australia’s Seven Group Holdings is selling its mining machinery division WesTrac China to Lei Shing Hong Machinery (LSHM) for A$540 million (US $426.72 million). Proceeds will be diverted to Seven Group’s operations in Australia, including WesTrac Australia.
Since it began operations in China in 2001, WesTrac has worked in partnership with Caterpillar to establish a sizable market share in China, particularly in Shanxi, Hebei, Liaoning, Inner Mongolia, Heilongjiang, Jilin, Beijing and Tianjin.
Seven Group’s managing director and CEO Ryan Stokes said: “We are proud to have built a market-leading position in northeast China and are confident that under the ownership of LSHM, a major CAT dealer, our customers will continue to benefit from innovation and first-in-class service.”
GobiMin to change its business
GobiMin intends to change its business from mineral exploration to an investment company. The company proposes to utilise its strong working capital position, its extensive industry contacts and internal expertise to build a portfolio of high-quality investments.
Upon completion, GobiMin’s primary focus will be to seek superior returns by making investments in equity, debt or other securities of publicly traded or private companies or other entities as well as direct ownership stakes in projects.