The directors present their report on the consolidated entity (Group). The Group consists of China Magnesium Corporation, a public, limited liability company incorporated and domiciled in Australia, and the entities it controlled at the end of, or during the year ended 30 June 2017. The Group has recorded a net loss after tax of $0.987M compared with a 2016 restated loss of $2.022M.
China Magnesium Corporation advises it has completed a desktop review of the available geophysical and geological data in relation to its Greenbushes Lithium project. The review was carried out by Mosman Partners, the exploration and mining consultants retained by the Company, lead by Mr William Witham. Desktop review of available geophysical and geological data confirms the world-class potential of CMC's Greenbushes [...]
China Magnesium is pleased to report that it has received independent interpretation of high-resolution, aeromagnetic, data conducted over its two tenements near Greenbushes WA at 200m spacing. An airborne magnetic interpretation targeting lithium-rich pegmatite mineralisation has recently been completed over the Company's exploration properties in Greenbushes region of WA.
China Magnesium is pleased to advise that its wholly owned subsidiary, CMC Commodities Pte Ltd, has entered into a cooperation agreement with Qinghai Hengxinrong Lithium Technology Co., which is proposing to grant CMC priority offtake rights to batterygrade lithium carbonate. Qinghai, which is 51% owned by Shenzhen-listed Steyr Motors Co Ltd, owns a plant extracting lithium brines from Qinghai Salt Lake in western China [...]
China Magnesium Corporation advises that it has issued a further 39,548,960 shares and 19,774,480 options pursuant to shortfall applications for its $2 million rights issue announced 28 October 2016. The shares and options were issued to underwriters and other investors, and are in addition to the issues of shares and options announced on 30 November 2016.
China Magnesium advises that it has formed the project company for its Greenbushes Lithium project and agreed to assign its rights in the project to CMC Lithium. These are key milestones for setting up CMC's joint venture with Shanghai Min Heng Science & Technology Development Company Limited a company associated with a diversified Chinese lithium concentrate producer and processor.
At the Annual General Meeting held in Brisbane today, Managing Director, Mr Tom Blackhurst updated shareholders regarding activities which have CMC well positioned for growth into 2017. CMC has successfully procured 2 tenements at Greenbushes, WA with an exploration permit already approved for one tenement. Co-venturers SMH are presently in WA with Executive Director, Mr X P Liang and the company's corporate adviser, in [...]
China Magnesium is pleased to provide the company's AGM Presentation. CMC procures 2 tenements at Greenbushes, WA. Exploration permit already approved for 1 tenement. CMC identifies and secures key investor to provide sufficient funding for exploration. Framework Agreement with SMH - lithium/tantalum exploration project - SMH inject RMB 5.25M ($1M) for 60% interest - CMC inject 2 tenements for 40% interest
China Molybdenum Co. Ltd. (“CMOC”) is pleased to announce that all conditions precedent set out in the Stock Purchase Agreement with Freeport-McMoRan (“FCX”) to acquire their indirect 70 percent interest in TF Holdings Limited (“TFHL”) has been fulfilled and the transaction completed. TFHL is a Bermuda holding company that indirectly owns an 80 percent interest in Tenke Fungurume Mining [...]
China Magnesium is pleased to announce a pro rata non renounceable rights issue of fully paid ordinary shares at $0.025 each. Rights are offered on the basis of one (1) share for every 2.4378 shares held at the record date, together with one free listed option (exercisable at $0.05) on or before 8 December 2017) for every two (2) new shares offered.
China Molybdenum Co. Ltd.. (“CMOC”) is pleased to announce that all conditions precedent set out in the Sale and Purchase Agreement with members of the Anglo American Plc group to acquire all of the issued and outstanding shares of Anglo American Fosfatos Brasil Limitada and Anglo American Nióbio Brasil Limitada, as well as the associated niobium sales and marketing function (collectively, the [...]
China Magnesium is pleased to advise that it has secured a 40% interest in a funded lithium exploration project in the world-class Greenbushes area of Western Australia, through a proposed joint venture with a company associated with a diversified Chinese lithium concentrate producer and processor. CMC secures a 40% interest in lithium-tantalum exploration project only 2 km from the group of mining leases covering the [...]
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