Tuchushan Iron Mine is located about 130 km southwest of the Hami City. There is no major blockage of traffic for the mining area. There are several ways connecting Tuchushan Iron Mine to the Hami City.
Pursuant to the JORC Resources Estimate at a 20% Fe 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:
The Group did not have material activities on the iron mine since the year of 2013.
Due to the significant decrease in the iron market price, the management considered Tuchushan Iron Mine currently had no resources feasible for economical production. Therefore, the exploration, development and processing activities of such mine have fully suspended, pending for market recovery. As an alternative measure, the management will seek potential buyers for Tuchushan Iron Mine.