CITIC (00267.HK): Subsidiary NISCO's wholly-owned unit secures mining rights for Fanqiao iron ore mine, completing exploration-to-mining conversion
NewTimeSpace News: On 27 August 2026, CITIC Limited (stock code: 00267) published, by way of an overseas regulatory announcement, the announcement of its subsidiary Nanjing Iron & Steel Co., Ltd. (NISCO) regarding the mining license and real estate ownership certificate (mining rights) obtained by NISCO's wholly-owned subsidiary. Nanjing Iron & Steel Co., Ltd. is a subsidiary of CITIC Limited.
According to the announcement, Anhui Jin'an Mining Co., Ltd., a wholly-owned subsidiary of NISCO, has completed the procedures for converting the exploration right of the Fanqiao iron ore mine in Huoqiu County, Anhui Province into a mining right, and obtained the Real Estate Ownership Certificate (Mining Rights) and the Mining License issued by the Department of Natural Resources of Anhui Province on 16 July 2026 and 26 August 2026 respectively. Located in Huoqiu County, Lu'an City, Anhui Province, the mine covers an area of 3.9764 square kilometers, with iron ore as the main mineral mined by underground mining method at depths ranging from -165 m to -389 m; the ownership certificate is valid from 10 July 2026 to 10 July 2046, and the mining license from 21 August 2026 to 10 July 2046, with the original exploration right certificate cancelled.
Previously, on 12 May 2025, Jin'an Mining won the exploration right of the Fanqiao iron ore mine through bidding at RMB 920.3677 million, and signed the property rights transaction contract for the transfer of the exploration right with Huoqiu County Limin Urban-Rural Construction Investment Co., Ltd. on 27 May 2025. The acquisition of the mining right marks the formal conversion of the exploration right into a mining right and the completion of mining right registration, which will effectively expand the Company's iron ore resources reserves and enhance its resource integration capabilities.
The announcement also cautions that, before the construction of the mining project, special approval procedures such as safety and soil and water conservation remain to be completed, and mining results are subject to uncertainties arising from ore body conditions, mining technology, market demand and policy changes.
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