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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
South China | LSE:SCR | London | Ordinary Share | GB00B0704D34 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.48 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5379K South China Resources PLC 21 December 2007 SOUTH CHINA RESOURCES WITHDRAWS FROM TIBET NEGOTIATIONS AND CEASES OPERATIONS IN CHINA. DAVID TYRWHITT RESIGNS AS DIRECTOR South China Resources Plc ("South China" or the "Company") today announces that it has decided not to proceed with further negotiations to acquire a 53% interest in the Zhunuo Copper Project ("the Project") in Tibet, China. This decision is set against a background of increased Chinese regulatory resistance to foreign mining investment in nationally significant and strategic metal deposits in China. South China's efforts to progress the acquisition in line with its Exploration and Mining Right Cooperation and Sale Agreement with Qinghai Province Geermu Zangge Kalium Fertiliser Company Limited have been (blocked). After reviewing many other potential mining acquisitions and relationships in China during 2007 the Company has determined that in all cases the price expected by vendors relative to the quality of projects it reviewed did not warrant further investment. The Company accordingly announces it is terminating its remaining relationships in China. Following these terminations, the South China Board has considered how best to utilise present and future cash reserves. After careful consideration the Company is proposing to pursue a new investing strategy in Southern Africa. The strategy of the Company will now be to make investments in the mining and minerals sector. The geographical focus will be in Southern Africa. The investments may be either quoted or unquoted and may be in companies, partnerships, joint ventures or direct interests in energy projects. The Company intends to be an involved and active investor even though it might not hold a controlling interest in its investments. Accordingly, where necessary, the Company may seek participation in the management or board of directors of a company in which the Company invests. The Directors intend that they will undertake initial assessments and due diligence on potential investments themselves and will take appropriate professional advice if merited by the circumstances. The new strategy of the Company will be the subject of a shareholder resolution at the forthcoming Annual General Meeting of the Company. The Company is currently pursuing potential leads and will issue further announcements as appropriate. Resignation of Director David Tyrwhitt, Executive Director of South China Resources Plc, has resigned his position as Director of the Company effective immediately. Nathan McMahon, Executive Chairman stated "The Company's focus has now moved to territories and targets that are not core to Dr Tyrwhitt's expertise. Accordingly he has offered to resign from the Company. We would like to thank David for his contribution to South China Resources Plc". For further information, please contact: South China Resources plc Tim Horgan +44 (0) 20 7292 9110 Nabarro Wells & Co. Limited Hugh Oram +44 (0) 20 7710 7400 Parkgreen Communications Beth Harris/ Laura Llewelyn +44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange END BOAFGMZZDMKGNZM
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