Inner Mongolia Dazhong Mining Co., Ltd (Stock Code: 001203) was successfully listed on the Shenzhen Stock Exchange on May 10, the first A-share listed company in Bayannaoer city and the first newly listed company in Inner Mongolia region in the past nine years.
Dazhong Mining is publicly offering 218.94 million shares, all of which are IPO shares offered at 8.98 yuan per share. The total amount of funds raised by the issuer is expected to be approximately 1.966 billion yuan.
Dazhong Mining is mainly engaged in the mining and dressing of iron ore, production and sales of iron concentrates and pellets, and processing and sales of machine-made sand.
The company has two major mining bases in Inner Mongolia and Anhui, with the total iron ore reserves filed by the Ministry of Land and Resources are 522.45 tonnes, accounting for about 6.13‰ of the country's identified reserves.
It has a large reserve advantage among independent iron ore mining and dressing enterprises, with 80.04% of reserve having an average TFe grade of not less than 28.87%.
In 2020, the company mined 5.28 million tonnes of iron ore and produced 2.36 million tonnes of fine iron ore. After the planned expansion project of the existing mine and the completion of the two mine projects in Anhui, the iron ore mining volume will be expanded to about 15 million tonnes per annum (Mtpa), and fine iron ore concentrate about 5 Mtpa.
The sustainable mining time of the company exceeds 30 years.
Facing unsufficient domestic supply, Dazhong Mining plans to boost the annual sales target for pellets and fine iron ore concentrate to 2.7 million and 5 million tonnes, respectively.
After being listed, Dazhong Mining will optimize the power of the capital market to become a pioneer in building a national strategic resource base in Inner Mongolia, which is of great significance for driving regional economic development and strengthening the supply of iron ore resources.
(Writing by Emma Yang Editing by Harry Huo)
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