Jin Zhengda shares Guizhou phosphate rock

One year after the six billion yuan investment plan was announced, Kim Jong-il finally took a substantial step in his strategic intention to get involved in the Guizhou phosphate mine. On the 11th, Kim Jong-ta revealed that the company’s wholly-owned subsidiary, Guizhou Jinzheng, will receive a 34% stake in Pan’an for 98.1337 million yuan, and gain the corresponding rights and interests of the latter’s more than 80 million tons of phosphate reserves.

“This is just a small step for the company to enter the field of phosphate rock, can make the company's raw material supply more secure.” On the 11th, Jin Zhengda, secretary of Cui Bin said, “This can be seen as a continuation of last year's investment in Guizhou planning.”

Kim Jong-ta revealed that on the 7th, Guizhou Kim Jongda signed the “Equity Transfer Agreement” with the Chun'an County Government and Pan'an County State-owned Assets Co., Ltd. The Panan County State-owned Assets Company transferred its 34% stake in Luan Phosphorization to Guizhou Jinzhengda for transfer. The price is 9781.37 million yuan.

According to statistics, Panan Phosphorization was established in January 2001 with a registered capital of 25.64 million yuan. It mainly deals with the development of phosphate resources and the production and sales of products. As of May 31 this year, the unaudited net book value of the assets was 121,365,100 yuan. After evaluation, the net assets appreciated to 302.9281 million yuan.