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Dec. 14, 2011 /PRNewswire-Asia-FirstCall/ --
China Shen Zhou Mining & Resources, Inc.(NYSE AMEX: SHZ), ("
China Shen Zhou" or the "Company"), a Company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in
China, today announced that Xiangzhen Mining Co., Ltd., a subsidiary of
China Shen Zhou located in Inner Mongolia, has reported record fluorite sales for the fourth quarter of 2011.
China Shen Zhou's Xiangzhen subsidiary expected the fourth quarter sales volume of fluorite powder to approximate 27,000 metric tons, up 217% from the 8,527 metric tons sold in the third quarter of 2011, and 33% higher than the 20,247 metric tons sold in the same period last year. The sales volume of fluorite lump was expected to approximate 23,000 metric tons in the fourth quarter of 2011, up 34% from the 17,135 metric tons sold in the previous quarter, and 85% higher than the 12,451 metric tons sold in the same period last year. Total sales of fluorite powder and fluorite lump for the first nine months of 2011 were 25,286.75 metric tons and 28,299.41 metric tons respectively.
The increase in fourth quarter sales was largely driven by growth in downstream manufacturers and advanced inventory purchases in anticipation of higher fluorite prices in 2012, as well as improvement in rail transportation capacity in the fourth quarter following a shortage of transportation in the Mongolian region during the third quarter.
Xiaojing Yu, CEO of
China Shen Zhou, commented, "We are extremely pleased by the record fluorite sales reported by our Xiangzhen subsidiary. We are very optimistic about the future of our fluorite sector and these results increase our confidence in the ongoing growth of this market segment."
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in
China. The Company has the following principal areas of interest in
China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite extraction and processing in Jingde County,
Anhui Province; (c)zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper exploration, mining and processing in Xinjiang.
For more information, please visit
http://www.chinaszmg.com/Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will", "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at
Contact InformationMin Liu Investor Relations Grayling Tel: +1-646-284-9413
SOURCE China Shen Zhou Mining & Resources, Inc.