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Public company info - Flying Mining Limited , 01625.HK
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Flying Mining Limited, 01625.HK - Company Profile
Chairman Lin Hui
Share Issued (share) 1,560,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Other Minerals
Corporate Profile Business Summary: The group is a marble mining and processing company in China. Performance for the year: The group generated approximately RMB10.7 million for the four months ended 30 April 2017 as compared to no revenue recorded for the four months ended 30 April 2016 since the group's Shiqian Project only commenced limited commercial production in April 2017. The group did not generate any revenue in the two years ended 31 December 2016 as the group had not commenced commercial production during the same periods. The group's gross profit and gross profit margin for the four months ended 30 April 2017 amounted to approximately RMB7.6 million and 71.5%, respectively, as the group's Shiqian Project only commenced limited commercial production in April 2017. The group's loss decreased from approximately RMB2.7 million for the four months ended 30 April 2016 to approximately RMB0.6 million for the four months ended 30 April 2017. Business Review: The group's Shiqian Project, which consists of the group's Leishoushan Project and the group's Processing Plant, is strategically located in Guizhou Province, one of China’s major marble producing regions. Such geographic location allows the group to benefit from Guizhou government’s support for dimension stone production and development. The group's Leishoushan Project contains marble resources of three branch colours, which are commercially named as Royal Beige, Carlo Rose and Athens Grey, and the group will offer marble blocks, marble slabs and shaped stones in each branch colour. The group's Leishoushan Project contains a large quantity of marble resources. According to the Independent Technical Consultant, the estimated Resources of the group's Leishoushan Project under the JORC Code as at 30 April 2017 were 56.98 million m3, comprising Indicated Resources of 34.29 million m3 and Inferred Resources of 22.69 million m3; the estimated Probable Reserves of the group's Leishoushan Project under the JORC Code as at 30 April 2017 were 2.23 million m3; the estimated block yield of the group's Leishoushan Project was 31.1%; the estimated mine life of the group's Leishoushan Project was approximately 40 years based on the Probable Reserves of 2.23 million m3 and an anticipated annual production volume of 60,000 m3 of marble blocks upon implementation of the group's ramp-up plan. During the Track Record Period, the group focused on preparing the group's Shiqian Project for commercial production, and carried out limited mine construction from March 2014 to June 2015. By February 2017, the group had obtained all material approvals and licences required for commercial production of the group's Leishoushan Project and Phase 1 of the Processing Plant. The group's Shiqian Project commenced limited commercial production in April 2017. As at the Latest Practicable Date, the group's Processing Plant had an annual processing capacity of 600,000 m2 of marble slabs and shaped stones. The group hold a mining licence for the group's Leishoushan Project which is valid for a term of 10 years commencing on 15 October 2012. According to the written confirmation issued by Shiqian County State Land Resources Bureau on 5 July 2017, this mining licence can be extended for another 10 years provided that the group comply with the requirements for extension under the relevant PRC laws. The Mining Licence Area is 1.0781 km2, and the approved mining depth under this licence is 810 m to 980 m ASL. The approved annual production volume under this licence is 60,000 m3 of marble blocks. The group adopt the open-pit mining method, which is the mining of a deposit from a pit open to surface and is usually carried out by the stripping of overburden materials, for the extraction of marbles at the group's Leishoushan Project, which allows the group to operate at a relatively low cost. Open-pit mining is also generally safer than underground mining. The group currently intend to extend the mining licence during the mine life of the group's Leishoushan Project. The group's Leishoushan Project is expected to reach its full annual production volume of 60,000 m3 of marble blocks by 2020, and the group's Processing Plant is expected to reach its full annual processing output of 1,428,000 m2, comprising 1,368,000 m2 of marble slabs and 60,000 m2 of shaped stones by the same year. To achieve such full production volume and full processing output, the group plan to ramp up the operations of the group's Shiqian Project from 2017 to 2019, and expect that the annual production volume of the group's Leishoushan Project will reach 11,500 m3, 20,000 m3 and 42,000 m3 of marble blocks in 2017, 2018 and 2019, respectively, and the annual processing output of the group's Processing Plant will reach 238,000 m2, 476,000 m2 and 999,600 m2 of marble slabs and shaped stones in 2017, 2018 and 2019, respectively. The group's estimated capital expenditure for the development of the group's Shiqian Project will amount to RMB[REDACTED] million, of which RMB[REDACTED] million had been incurred by the group as at 30 April 2017, and the remaining amount of RMB[REDACTED] million is expected to be incurred from 1 May 2017 to 31 December 2019 and fully financed by the [REDACTED] from the [REDACTED]. The group's Processing Plant, which is located at Yabei Industrial Park of Shiqian County, Guizhou Province, is approximately 26 km southwest of the group's Leishoushan Project and covers a site area of 58,061 m2. It consists of two phases. Development of Phase 1 of the Processing Plant with a gross floor area of approximately 10,438 m2 had been completed in January 2016. As at the Latest Practicable Date, the group's Processing Plant had been installed with a marble slab production line and a shaped stone production line with an aggregate annual processing capacity of 600,000 m2 of marble slabs and shaped stones. The group expect to commence development and commissioning of Phase 2 of the Processing Plant in the third quarter of 2018 and the second quarter of 2019, respectively. The group's Directors are of the view that there will be no material capital expenditure requirement (other than the capital costs for the group's Shiqian Project) for the group's future plans after [REDACTED]. From 2018 onwards, the group plan to sell approximately 30% of the marble blocks mined from the group's Leishoushan Project to customers, and process the remaining 70% marble blocks into marble slabs and shaped stones at the group's Processing Plant for onward sales. The group has determined such product mix after taking into account market demands for different types of the group's products. The group believe such product mix will enable the group to optimise the group's profitability. The group may make adjustments to such 30:70 ratio should the market demand for the group's marble blocks, marble slabs and shaped stones change in the future. The group expect to carry out marketing activities primarily from Xiamen City of Fujian Province, one of China’s most important marble distribution and trading centres, which allows the group to benefit from the thriving marble trading market and large potential customer base in the Southeast China region. Prospects: The group aim to become a leading vertically integrated marble company in China. • develop the group's Shiqian Project; • enhance market recognition of the group's products through expanded marketing efforts; • widen the group's customer base and enhance the group's sales network; and • strengthen the group's research and development and devote efforts to product standardisation.

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