Wednesday, February 4, 2009

19.9 million tonnes of tungsten acquired by Asian Source

Asian Source to acquire Wolfram and iron ore resource It is reported that Asian Source plans to buy wolfram and iron ore resources in Mongolia with preliminary offer of HKD 560 million.

The company notes the payment will be provided in multi-ways. The deposit of 70m HKD will be paid by raising funds; 170m HKD by issuing bonds and HKD 250 million by issuing acceptance bill; the last HKD 70 million will be collected by issuing acceptance bill too after the down payment.

As per the initial feasibility report, the objects include about 19.9 million tonnes of tungsten and 32 million tonnes of pig iron.

(Source: China Securities News)