Yunnan Copper San Mu Mining Co. Ltd (San Mu Mining), a China incorporated entity, is 51% owned by CYU with 49% ownership by Yunnan Copper Industry (Group) Co., Ltd (YCI). San Mu holds a 100% interest in four prospects in northern Laos – Xinzhai, Juizhai, Nadao and Modeng.
The results obtained from exploration activities during the year on the northern Laos prospects did not meet the commercial expectations or requirements of San Mu Mining and, as a result, the board of San Mu Mining resolved to dispose of the northern Laos prospects. The firm The Beijing Axis has been appointed to act as agent for the purpose of identifying potential buyers and assisting to complete a sale transaction in respect of some or all of these projects.
Representatives of San Mu Mining are continuing to identify and assess other project opportunities in the region – with targets in Cambodia and mainland China being reviewed and, where appropriate, pursued.
