Baishiquan Nickel-Copper Mine is located in the Xinjiang Uygur Autonomous Region. It is about 170 km southeast of the Hami City and 650 km southeast of the Xinjiang capital, Urumqi. The development of Baishiquan Nickel-Copper Mine has completed and a trial production has been carried out in 2014.
Pursuant to the JORC Resources Estimate at a 0.3% Ni lower cut-off grade as at 30 November 2011 prepared by Philip A. Jones, a competent person as defined in the Listing Rules of the GEM of the Stock Exchange, the reserve estimates were summarized below:
After five years' development and mining, the resource estimates of Baishiquan Nickel-Copper Mine as at 31 March 2016 were confirmed by the Group’s internal experts as follows:
The development of the Baishiquan Nickel-copper Mine has been completed and a full commercial production has been carried out in late 2015. Due to the dumping of nickel-copper ores from Russia and the weak demand for such products, the nickel-copper mining operation of the Group was under heavy pressure. Therefore, the Group has determined to further delay the resumption of the mining activities of nickel-copper ores and will resume such mining work in due course to maximise the value of such mine.