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AUKING MINING LIMITED — Capital/Financing Update 2013
Nov 20, 2013
64355_rns_2013-11-20_99f9a710-5af2-4809-91e3-6e2b79614aea.pdf
Capital/Financing Update
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Chinalco Yunnan Copper Resources Limited ABN 29 070 859 522
Level 5, 10 Market Street Brisbane QLD 4000 GPO Box 216 Brisbane QLD 4001 Tel: +61 7 3212 6204 Fax: +61 7 3212 6250
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ASX Release
21 November 2013
Chinalco Yunnan Copper Resources Ltd (ASX: CYU)
CAPITAL RAISING UPDATE - FIRB APPROVAL
Chinalco Yunnan Copper Resources Ltd (“CYU” or “Company”) advises that the Foreign Investment Review Board (FIRB) has advised that there are no objections in terms of Australia's foreign investment policy to the proposal for its largest shareholder China Yunnan Copper (Australia) Investment and Development Co. Ltd (CYC) to participate in a rights issue which could result in the acquisition of up to a 48.35 per cent interest in Chinalco Yunnan Copper Resources Ltd.
The Company’s current Entitlement Offer (which closes on 2 December) is underwritten up to approximately $1.06 million, representing 42.8% of the total Offer, by China Yunnan Copper (Australia) Investment and Development Co. Ltd, the Company’s largest shareholder. The FIRB approval and the underwriting means that the receipt of almost 50% of the funds sought under the Offer can be guaranteed and the Company will be able to implement its planned activities. A nominal $1 fee is being charged in relation to the underwriting provided.
On behalf of the Board
Paul Williams Managing Director [email protected] +61 419 762 487
About CYU
Chinalco Yunnan Copper Resources Ltd (“CYU” or “Company”) is a resource exploration and development company with project interests in the Mt Isa region of north Queensland, Chile and northern Laos.
CYU’s largest shareholder is China Yunnan Copper (Australia) Investment and Development Co Ltd (“CYC”), owning 43% of the total issued shares in CYU. CYC is a wholly-owned subsidiary of Kunmingbased Yunnan Copper Industry (Group) Co Ltd, which is the third largest producer of smelted copper product in China. In turn, Yunnan Copper Group is a subsidiary of Aluminium Corporation of China (Chinalco) which is the largest producer of aluminium product in China and the second largest world-wide.
CYU has offices in Brisbane, Mt Isa and in Santiago. The Company is listed on the ASX under the symbol “CYU”.