China Natural Resources Inc., the company registered in BVI and based in Hong Kong, made an announcement that on January 26, 2008 it had entered into an agreement with Jiangxi Province Coal Group Company, a state-owned enterprise and the largest integrated coal producer in Jiangxi Province, China, to establish Guizhou Puzheng Mining Co. Ltd. as an equity joint venture company in Guizhou Province, the PRC.
The joint venture company Guizhou Puzheng Mining Co. Ltd. will be 64% owned by BVI-based China Natural Resources, and its main focus will be exploration and mining of coal and other mineral resources in Guizhou Province and other regions in China.
Mr. Li Feilie, the Chairman and CEO of China Natural Resources Inc., has commented that the joint venture company will become a solid platform for the company, “to develop the coal market in the PRC, with particular focus on Guizhou Province, through acquisition and integration of the existing coal mining operations with the use of more advanced coal mining, selecting and processing technologies."
BVI-domiciled China Natural Resources Inc. is one of important natural resources development companies operating in China, receiving most of its earnings from the sale of zinc and iron.
