[Today's focus]

Honghai Hi-Tech Resources (00065.HK) plans to invest in copper mines in Laos

Honghai Hi-Tech Resources (00065.HK) announced that on January 4, 2024, Hongyuan (a direct wholly-owned subsidiary of the company), the target company Laos Taishan Jiujiu Investment & Trade Co., Ltd. and shareholders (including guarantors) of the target company signed the memorandum on the proposed investment in the target company's shares. According to the memorandum, during the exclusivity period, the target company shall not (and shall require its agents and advisors not to) directly or indirectly discuss or negotiate with any third party regarding the sale or transfer of any of the target company's shares or significant assets and copper mines.

The contracting party will enter into a formal agreement within 7 days (or on any other date the contracting party may agree separately) after Hongyi has completed and satisfied due diligence review. According to the memorandum, Hongyuan is required to pay a refundable goodwill deposit RMB 30 million to the target company on or before January 10, 2024 (or other date as the contracting parties may separately agree).

The target company is a limited company established in Laos. As of the date of this announcement, the target company was 52% owned by the guarantor, 32% owned by Liu Fa, and 16% owned by Sun Guangzhi. They are all independent third parties to the Company. The target company has entered into a sales agreement to acquire a 51% interest in a copper mine in Laos. As of the date of this announcement, the seller of the sale agreement is transferring 51% interest in the copper ore to the target company.

Hongyuan can invest in copper mines by purchasing the target company's existing shares from the target company's shareholders, subject to the final negotiation and execution of the proposed investment terms. According to the company's assessment of the target company's preliminary exploration results for the copper mine, the mine's mining area is about 24 square kilometers, and the copper reserves are estimated to be around 100,000 tons. In addition, the copper mine also contains other minerals such as iron and silver. As a result, the directors consider the potential economic value of the copper mine to be high.

Due to restrictions on the scale of production and the tightening of Chinese industry policies, the company found a need to diversify its revenue sources and reduce reliance on its coal mining business. In view of environmental awareness and policies promulgated by global governance to support the development of new energy vehicles, the directors believe that demand for electric vehicles and the construction of related infrastructure (such as electric vehicle charging stations) is expected to increase accordingly. Since copper plays an important role in the production of electric vehicle components, including drivers, batteries, circuit systems and related infrastructure, the directors believe that global demand for copper will increase dramatically in the future in response to rising demand for electric vehicles.

The target company will own 51% of the copper mine with large reserves of high-quality copper. Therefore, the directors believe that the proposed investment, if implemented, would enable the Group to secure a strategic position in the copper market and diversify its revenue streams.

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