Xin Lianxin Chemicals Retires 103 Million Dollars to Acquire Coal Mining Company

On November 23, Xinlianxin Fertilizer (01866) announced that it had spent HK$103 million to acquire the entire equity of the Xinjiang Coal Mining Company Manas Tianli Coal Co., Ltd. to reduce the impact of coal price fluctuations on the Group's production costs.

Xinlianxin Fertilizer announced that it has acquired 100% of Masuna Tianli Coal, a coal mining company in Xinjiang Uyghur Autonomous Region, at a cost of RMB 84,500,000 (approximately HKD 103 million). Tianli owns the mining rights of an approved coalfield with an area of ​​1.343 square kilometers and an annual production capacity of approximately 90,000 tons.

Xinlianxin Chemical Fertilizer means that since coal accounts for approximately 70% of the Group's urea production cost and is one of the Group's major raw materials, it is believed that when the Group expands its production plant in Xinjiang, the Acquisition can provide a stable coal mine supply to the production process and reduce coal consumption. The impact of price fluctuations on the Group's production costs.

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