Northern Copper's Shareholder Pledges to Transfer Hujiayu Mine Equity in 24 Months; Rights Incomplete
Northern Copper's controlling shareholder, Zhongtiaoshan Group, has committed to transferring its equity in Hujiayu Mining Company and the associated peripheral mining rights of the Hujiayu Copper Mine to Northern Copper within 24 months of obtaining those rights. However, the mining rights procedures are currently incomplete, and the conditions for injecting the assets into the listed company are not yet satisfied.
Northern Copper stated on July 27 that during its major asset restructuring, its controlling shareholder, Zhongtiaoshan Group, promised to transfer, through a non-public agreement or a public listing at a property rights exchange, part or all of the equity of Hujiayu Mining Company and the corresponding peripheral mining rights of the Hujiayu Copper Mine to Northern Copper within 24 months of obtaining those peripheral mining rights. Hujiayu Mining Company's mining rights procedures are currently incomplete, and the conditions for injection into the listed company are temporarily not met.
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