Advertisements

Lomon Billions Intends to Buy Ilmenite & Iron Concentrate Producer

On Monday 19th March Lomon Billions announced its intention to purchase Sichuan Anning Iron and Titanium Co., Ltd (“Anning”), an ilmenite and iron concentrate producer in Panzhihua China.

Anning produces around 480,000 tons of ilmenite and 2.3 metric tons of iron ore concentrate a year. The acquisition is intended to enable Lomon Billions to produce sufficient ilmenite from the combination of Anning and its existing ilmenite operations in Panzhihua to satisfy essentially all its sulfate pigment feedstock requirements.

The purchase price is expected to be around 4.5 to 5 billion RMB (0.71 to 0.79 billion USD).

In accordance with standard practice for companies listed on the Shenzhen Stock Exchange, Lomon Billions has requested suspension of its shares to help avoid stock price anomalies. The suspension is expected to last for about 1 month.

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SUBSCRIBE TO OUR NEWSLETTER

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Paints and Coatings Expert will use the information you provide on this form to be in touch with you and to provide updates and marketing.
%d bloggers like this: