Acquisition of 34 Mln Shares in Jiangxi Jinli

Pursuant to resolutions of the 9th Meeting of the 3rd Board of Directors, held on 1 Aug 2008, the company plans to acquire 34 mln shares in Jiangxi Jinli Permanent Magnetism Science & Technology Co., Ltd. for RMB 34 mln, and to conduct a rare-earth metal supply chain project.

The first phase of the aforementioned project, with a total investment of RMB 250 mln, will have an annual production capacity of 1,000 tons of rare-earth metal and a certain amount of high performance permanent-magnet materials.

Board of Directors
4 Aug 2008


Source: Securities Times

Date:5 Aug 2008

CN01/CJ/LZ/BT/KM