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Chapter 18 – On-going Announcements

Pursuant to HKEX Listing Rule 18.09, a mineral company proposing to acquire or dispose of assets which are solely or mainly Mineral or Petroleum Assets as part of a Relevant Notifiable Transaction must comply with the provisions of the HKEX Listing Rules relating to notifiable transactions and connected transactions, and is expected to make an announcement in relation to proposed transaction.

The mineral company must produce a Competent Person’s Report, which must form part of the relevant circular, on the Resources and/or Reserves being acquired or disposed of as part of the Relevant Notifiable Transaction. The HKEX may dispense with the requirement to for a Competent Person’s Report on disposals where shareholders have sufficient information on the assets being disposed of.

In the case of a major (or above) acquisition (to be determined by reference to percentages ratios for notifiable transactions), the issuer must produce a valuation report, which must form part of the relevant circular, on the mineral or petroleum assets being acquired as part of the Relevant Notifiable Transaction.

The mineral company must also comply the HKEX Listing Rules in relation to the statement on material changes and the disclosures required under HKEX Guidance Note 7.

Under the HKEX Listing Rules, a mineral company must include in its interim (half-yearly) and annual reports details of its exploration, development and mining production activities and a summary of expenditure incurred on these activities during the period under review. If there has been no exploration, development or production activity, that fact must be stated.

Under the HKEX Listing Rules, a mineral company must include an update of its resources and/or reserves in its annual report in accordance with a recognised reporting standard.

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