Hubei Yihua announced today that it intends to increase capital for Leibo Huarui Mining Co., Ltd., a controlling subsidiary of the wholly-owned subsidiary Hubei Yihua Fertilizer Co., Ltd. Yifei Fertilizer Industry intends to subscribe Huarui Mining's capital increase of 54 million yuan this time, holding Huarui Mining's equity will increase from 60.16% to 82.54%.
According to the announcement, Huarui Mining has recently obtained the prospecting rights for the Kahalo Phosphorus Mine in Leibo County, Liangshan Yi Autonomous Prefecture, Sichuan Province, with an exploration area of ​​30.64 square kilometers and a preliminary proven geological reserve of 123 million tons. The mine is planned to be constructed at an annual production scale of around 1.5 million tons. The mining area application data has been reviewed by the Sichuan Provincial Department of Land and Resources and has now been submitted to the Ministry of Land and Resources for approval. It is reported that this year, the price of phosphorus has gradually increased and it is now as high as RMB 400/ton.
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