China Hanking (03788) to Focus Resources on Mt Bundy Gold Mine Development While Maintaining Stable Operations in Iron Ore and High-Purity Iron Businesses

Stock News01-14

China Hanking Holdings Ltd. (03788) announced a series of strategic decisions. The company will concentrate its human and financial resources to fully support the development and commissioning of the Mt Bundy gold mine project, while simultaneously ensuring the stable production and operation of its existing iron ore and high-purity iron businesses in China.

In a move to better reflect the asset value demonstrated in its financing, its increased gold resources and reserves, and its strategic goal of becoming a mid-tier gold producer, the company proposes to change its name to "Hanking Gold International Ltd." Dr. Qiu Yumin has been appointed as an Executive Director, President, and Chief Executive Officer to lead the company's transformation, while the Board of Directors will be chaired by Mr. Xia Zhuo, a Non-Executive Director.

The company will utilize itself as the platform for developing its gold business, leading to the termination of the previously planned separate listing plan for Hanking Gold.

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