CNNC International Limited
CNNC International Limited ("CNNCIntl", which together with its subsidiary shall be referred to as the "CNNC Intl Group") is a member of the China National Nuclear Corporation (CNNC). On the back of CNNC’s leadership and solid experience in the uranium leveraging business, the CNNC Intl Group is actively expanding its overseas uranium leveraging business, engaging in uranium product trading and identifying related opportunities to answer the demand for uranium resources created by the development of nuclear power generation.
CNNCIntl was incorporated in the Cayman Islands on June 25, 2002. It was listed on the Hong Kong stock exchange on June 6, 2003.
The immediate holding company of CNNCIntl is CNNC Overseas Uranium Holding Limited (CNNC Overseas) which is a wholly owned subsidiary of China Uranium Corporation Limited (CUC). CUC, an important member of the CNNC, is responsible for overseas uranium resources development. As a form of clean energy, nuclear power has become the subject of focused development for the Chinese government.
On June 29, 2009, CNNC Intl Group acquired 69.5 percent equity of Western Prospector Group Ltd (Western Prospector) which was then listed in Canada. Upon approval of the privatization proposal by the shareholders of Western Prospector at its special shareholders’ meeting held on Aug 14, 2009, Western Prospector became an indirect wholly-owned subsidiary of CNNCIntl. Western Prospector is principally engaged in the acquisition, exploration and development of mineral properties. All of Western Prospector’s mineral property interests, consisting of various uranium and coal property projects, are located in Mongolia.
On March 25, 2010, CNNCIntl acquired a 37.2 percent interest in Société des Mines d’Azelik S.A. (SOMINA) from CNNC Overseas. SOMINA, incorporated in Niger, is the registered holder of a mining license for a uranium ore mine located in the Agadez region of the Tchirozerine department ofNiger. The acquisition was a promising prospect for uranium resources development of CNNCIntl Group.
With a view to the rich uranium reserves in the overseas market, CNNCIntl Group aims to be a leading uranium resources supplier. With the backing of the Chinese market, CNNCIntl Group will take advantage of CNNC’s background, grasping the economic and nuclear power development opportunities in China, implementing an overseas uranium mines development policy and constructing several uranium mines with over a thousand tons of proven reserves and mining life over 15 years in economical areas.
As the first company engaged in the uranium leveraging business in the Hong Kong stock exchange, CNNCIntl will raise funds in the financial market to support its overseas uranium resources development. The company expects to deliver sound operating results to reward shareholders for their support.
CNNC became the controlling shareholder of CNNCIntl (formerly known as United Metals Holdings Limited) on Nov 5, 2008. As a result of the enlargement of its share capital on the same date and top-up Placing and Subscription on July 9, 2009, CNNCIntl is backed by strong cash flow for future development and investments.
CNNC is a State-owned corporation which covers a full range of nuclear technology industries. As the major investor and owner of nuclear power stations inChina, CNNC is a principal player in nuclear power development and related technology development, as well as a supplier of nuclear power designs, nuclear fuel and nuclear technology equipment.