China Tianhua Chemical (00362) announced that on March 13, 2024, the company and China Mining signed a joint venture agreement. Based on this, the contracting parties agreed to establish a joint venture with a registered capital of RMB 20 million. After the establishment of the joint venture, the company and China Mining will own 51% and 49% respectively.
The joint venture will be established in Hengqin District, Zhuhai, China to manufacture and sell mineral and chemical products. China Mining will be responsible for developing the joint venture's mineral and chemical products trading business, and the company will be responsible for selling related products to overseas markets and further processing the products.
The directors believe that the establishment of the joint venture will enable the company and China Mining to achieve better business development through complementary advantages, synergy, and integrated resources. The joint venture will create greater value for the company's shareholders and potential investors, and achieve outstanding results in the field of minerals and chemical products.