some cryptic Chinese "news"3, Congo (B) Mengge 1200kt / a potash project project general contract
This contract was signed in July 2013 and is the general contract of the project; the company mainly undertakes the general contracting work of the project construction of this contract, and the performance period is about 36 months. this
The contract price is divided into fixed and non-fixed parts, where the fixed part price is $497,391,000 and the non-fixed part price is $24,462,000.
The owner pays according to the payment conditions and proportions stipulated in this contract.
As of September 30, 2018, the accumulated revenue of the project was RMB 20,813,300, and the accumulated collection was equivalent to RMB 134,496,900. The project settlement was not confirmed. Head
Before, in view of the fact that the actual controller of the project has changed, and the project construction scale, product plan and construction conditions may undergo major changes, the general contract has been enlarged.
Uncertainty in fulfillment. In 2017, the company accrued 270 million yuan of asset impairment provision for the project.
In March 2018, the company filed a proposal with the actual owner of the project owner, Chunhe Group Co., Ltd., on the project guarantee for the project.
Litigation (for details, see Donghua Technology 2018-017). In July 2018, the Zhejiang Higher People's Court sentenced the company to the case against Chunhe Group Co., Ltd.
With "Civil Judgment" [( 2018) Zhemin No. 10], Judgment Chunhe Group Co., Ltd. paid the company USD 30,035,600 within 30 days after the judgment took effect (equivalent to
RMB 18,704,800 yuan and RMB 127,785,500 yuan (see Donghua Science and Technology 2018-046 for details). In view of the fact that Chunhe Group did not take a trial within the statutory time limit
The result of the decision is appealed and the above judgment takes effect. The company applied to the Zhejiang Provincial High Court in September 2018 for application (see Donghua Technology No. 2018-053 for details).
In September 2018, MagMinderals Potasses Congo S.A., the project company of the Congo (Brazil) Potash Project (hereinafter referred to as “
MPC") convened a shareholders meeting, its shareholders
MagMinerals Inc (on behalf of 90%) and Congo (Brazil) Ministry of Mines (on behalf of 10%) sent representatives to the meeting. The general meeting of shareholders decides on the administrative staff of MPC
The staff adjusted and agreed to the PIA Agreement (Mineral Mining Agreement)
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sorry- but it is very difficult to create a machine translation from a bit weird Chinese PDF file. Just think that it is better than nothing. A sign that MagMineral is still alive and seems to be part of inner Chinese legal "discussions".
Seems a company "Donghua Science and Technology" is now here in play. I had so far no time to check out more about this company. It seems to be not a "no name" small company. Do not know whether I will find time for further checkings. Anyway be carefull with any sell of shares.
Africa will & must become the fastest growing agro area and needs urgently self produced fertilizers... like potash.
Marking added by me.