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Company and Develop CooperationTianshan Aluminum announced that in order to actively promote the Company's strategy of developing overseas, acquiring upstream bauxite resources and integrating the development of the industrial chain, enlarging and strengthening the scale of the Company and enhancing the core competitiveness of the Company, the Company entered into the Cooperation Intention Agreement with Indonesia Local Mining Holding Company (the "Subject Company") and its de facto controller on August 9, 2021, under which the Company intends to acquire directly or indirectly not less than 49% of the equity interests of the Subject Company and/or its three mining companies (hereinafter collectively referred to as the "Target Companies"), and intends to cooperate in bauxite mining, supply and sales.
The Target Company holds 100% equity interest in three local mining companies in Indonesia, holding a total of three mining resource exploitation certificates issued by the Ministry of Energy and Minerals of Indonesia, covering a total area of approximately 30,000 hectares. The ore output from the mines are all triple water aluminum ore.
After the signing of this agreement, Tianlv Group will commission lawyers, accountants, and other intermediaries to initiate due diligence on the target company, and also pay USD 3 million earnest money.
According to the announcement, Indonesia is an important global bauxite producer and exporter, and the company's layout of bauxite resources in Indonesia is in line with the development direction of the company's main business, which is conducive to extending the company's aluminum upstream and downstream integrated industrial chain, which can further consolidate the supply side of the company's raw materials, enhance the company's core competitiveness and promote the company's rapid and stable development.
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