HUIZHOU Owns The Chifeng Aolunhua Copper-molybdenum Mine 34.53% Equity Interest
【China Molybdenum Industry News Network】
HUIZHOU，one of the leading players in the molybdenum-mining business as well as a companywith MEaningful size in the resources industry， today announced that theChifeng Aolunhua Copper-molybdenum mine ("Aolunhua")， in which it owns a 34.53%equity interest， has been designated as one of the mining entities to implementthe Chinese government's initiative to promote rational and comprehensiveutilization of mineral resources (the "Initiative"). RMB15 million IS availableto Aolunhua for participating in the Initiative.
The Initiative was launched by China's Ministry of Land and Resources("CMLR"). As part of this initiative， CMLR will provide different sums of grantsto the Initiative participants based on assessment on several criteria，including recovery efficiency in mining and ore-dressing as well aSComprehensive utilization rate of mining resources.
"Aolunhua is the largest molybdenum mine in Asia. We have always strived toimprove efficiencies in our day-to-day operations. We look for enhancements inproduction processes as well as management efficiencies，" said Mr. Wu Rui Lin，Chairman and Chief EXecutive Officer of Qiao Xing Universal Resources. "Thisgrant from the Ministry of Land and Resources will give Aolunhua more scope toinnovate and develop efficient production processes for molybdenum explorationand extraction."
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