China Natural Resources, Inc., a company registered in BVI and making its operations in China, announced that on September 29, 2009 it completed the disposition of 60 per cent equity interest in Mark Faith Technology Development Limited to Joysight Limited. The purchase price of the company made USD 21mln, evidenced by an unsecured promissory note executed and delivered by Joysight Limited, which bears interest of 5 per cent per annum and is due on February 26, 2010.
Joysight Limited is an unrelated third party, which was the owner of the 40 per cent equity interest in Mark Faith that was not owned by China Natural Resources. Now the company became the owner of the full stock of Mark Faith.
Mark Faith engages in the smelting and refining of copper in Inner Mongolia region of the China Republic, through its wholly owned subsidiary Bayannaoer City Feishang Copper Company Limited. Earlier this year, China Natural Resources made an announcement that its indirect subsidiary Bayannaoer had entered into a series of agreements to receive US$36.59mln loan from the People’s Bank of China. Now the BVI company has sold its interest in Mark Faith to concentrate its resources on the core coal and nonferrous metal mining businesses.