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24/05/2013 09:48

Bestway hires contractor for tungsten mines development

[ET Net News Agency, 24 May 2013] Bestway International (00718) said its two indirectly
wholly owned subsidiaries entered into a memorandumof understanding with China
Metallurgical Geology Bureau of Shandong to engage the latter to conduct mining
activities, including development and exploitation, of four Mongolian tungsten mines of
the Group.
The proposed service period is 20 years and the contractor undertakes to commence
exploitation of the mines by no later than the end of December 2013.
A wholly owned subsidiary of Bestway was questioned by a Mongolian Province Governor for
not doing business in relation to its mining licenses in Mongolia. The subsidiary was
required to submit the time of commencing mining operations and the Mongolian Province
Governor indicated that he may inform the relevant authorities to revoke the mining
licences. While Bestway is still waiting for the advice and legal opinion from its
Mongolian legal advisers in respect of the status of the mines as well as the legal
environment, it has expedited its overall operating strategies over the mines and entered
into the MOU. (HL)

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