03.22.18
Lomon Billions said it intends to buy Sichuan Anning Iron and Titanium Co., Ltd., an ilmenite and iron concentrate producer in Panzhihua, China, for 4.5-5 billion RMB ($789.70 million).
Anning produces around 480,000 tons of ilmenite and 2.3 metric tons of iron ore concentrate a year. The acquisition is intended to enable Lomon Billions to produce sufficient ilmenite from the combination of Anning and its existing ilmenite operations in Panzhihua to satisfy essentially all its sulfate pigment feedstock requirements.
In accordance with standard practice for companies listed on the Shenzen Stock Exchange, Lomon Billions has requested suspension of its shares to help avoid stock price anomalies. The suspension is expected to last for about a month.
Anning produces around 480,000 tons of ilmenite and 2.3 metric tons of iron ore concentrate a year. The acquisition is intended to enable Lomon Billions to produce sufficient ilmenite from the combination of Anning and its existing ilmenite operations in Panzhihua to satisfy essentially all its sulfate pigment feedstock requirements.
In accordance with standard practice for companies listed on the Shenzen Stock Exchange, Lomon Billions has requested suspension of its shares to help avoid stock price anomalies. The suspension is expected to last for about a month.
