According to the announcement, the registered capital of the new joint venture company is 50 million yuan, and CNOOC Chemical Co., LTD., Yichang Geological Brigade and Yichang Honghe will contribute 51%, 34% and 15% in cash, respectively。The business scope of the joint venture company includes phosphate rock exploration, phosphate rock mining, mineral processing and sales。The joint venture company will build a project with an annual phosphorus mining capacity of 1.5 million tons and a mineral processing capacity of 1 million tons of medium and low grade phosphate ore per year。The project is expected to be completed within two years after the incorporation of the joint venture。
It is reported that the total investment of the new joint venture company is 4.1.8 billion yuan, of which 329.12 million yuan will be used to purchase exploration rights for phosphate mines。The total reserves of the phosphate rock are 1.18.3 billion tons, including economic recoverable reserves of 92.8 million tons, forecast long-term reserves of 25.5 million tons。