China Ministry of Land and Natural Resources Reduces 2011 Fluorite Ore Production Quota to 10 Million Tons
BEIJING, May 18, 2011 /PRNewswire-Asia-FirstCall/ — China Shen Zhou Mining & Resources, Inc. (“China Shen Zhou”, or the “Company”) (NYSE Amex: SHZ), a company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced that the China Ministry of Land and Natural Resources has reduced the final fluorite ore production quota to 10.0 million metric tons for 2011, with an additional 0.5 million metric tons production quota in reserve.
On December 13, 2010, China Shen Zhou announced that the China Non-metallic Minerals Industry Association Fluorite Committee (CNMIAFC) communicated that the Chinese government’s preliminary plan was to reduce 2011 fluorite ore production to approximately 9.5 million metric tons. However, the final 2011 production quota was 10.0 million, 0.5 million metric tons higher than the forecast. In principle, the new applications for fluorite ore exploration and mining will be suspended until June 30, 2012.
To ensure sustainable economic development and protect the scarce national fluorite resources from exploitation, the Chinese government has adopted a series of policies since last year to manage the production of fluorite resources through raising the mining and processing requirements for fluorite mining companies. The 2011 fluorite limitation production plan shows the Chinese government’s continued effort to prevent excessive mining and exploration of fluorite ore, and reduce the emission of unnecessary environmental waste.
Ms. Xiaojing Yu, Chief Executive Officer of China Shen Zhou, commented, “As a result of the Chinese government’s 2011 limitation production plan, the price of fluorite will continue to increase and the fluorite industry entry bar will be raised as well. China Shen Zhou, the biggest fluorite producer in Northern China, will benefit from such price increase related to the favorable government policies protecting the country’s valuable fluorite resources.”
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b)zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia; and (c) zinc/copper exploration, mining and processing in Xinjiang.
For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
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SOURCE China Shen Zhou Mining & Resources, Inc.