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Public company info - Grace Life-tech Holdings Limited , 02112.HK

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Grace Life-tech Holdings Limited, 02112.HK - Company Profile
Chairman Li Yang
Share Issued (share) 1,500,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Steel
Corporate Profile Business Summary: The Group’s principal business activities are iron ore exploration, mining, crushing and beneficiation as well as sale of iron ore products and other commodities, and investment holding. Performance for the year: During the year, the Group’s revenue reached approximately USD1,055.2 million, about 27.1% lower than that recorded in 2018, which was USD1,447.0 million. During the year ended 31 December 2019, the Group’s gross profit reached approximately USD11.6 million, about 37.0% lower than approximately USD18.4 million recorded in 2018. The Group’s gross margin as a whole decreased to 1.10% (2018: 1.27%). The loss for the year ended 31 December 2019 was USD57.1 million (2018: profit of approximately USD2.5 million). Total comprehensive loss for the year ended 31 December 2019 was approximately USD62.3 million, approximately USD4.9 million for the year ended 31 December 2018. Business Review Project Ibam operation update The Group’s principal mining site is Project Ibam. Based on the “Independent Technical Report” (see Appendix IV of the Prospectus of the Company for full report), there is approximately 151 Mt of ore resource at a grade higher than or equal to 35%, with an average grade of 46.5% total iron, and it has a mine life expected to be more than 26 years as of 31 December 2012. The Group uses the openpit mining method to simplify operations and reduce production costs. The Group produces iron ore products through a relatively low cost process which includes ball-milling, magnetic separation process and dewatering. The method is environmentally friendly as it does not require chemical additives and reduces the amount of waste water produced. The tenure of the Mining Lease with respect to Ibam Mine which had been expired on 15 December 2018, have been extended for another two years expiring on 15 December 2020 (“Extended Term”). Best endeavors have been made to procure the extension of the Mining Lease, and the Extended Term has been granted with the approval of the governmental authorities in Malaysia. For further details, please refer to the announcement of the Company dated 25 January 2019. As at 31 December 2019, the Group owned 5 beneficiation lines and 2 crushing lines. During the year under Review, the Group focused on commodities trading and only limited mining and production activities were carried out. The annual mining volume and production volume were 583.3 Kt and 196.4 Kt respectively (2018: 124.6 Kt and 30.0 Kt respectively). Prospects: With the global economy moving on a downward trend, the outbreak of coronavirus and the continuous US-China trade war, economy development of the country is facing with tremendous pressure. The financial market is constantly changing and the business environment of the Group is becoming increasingly difficult. In addition, with the recent impact of novel coronavirus pandemic, there has been trend of overdue payments from customer. On a forward looking note, in order to overcome these challenges and maintain a sustainable development of the Group, the management is actively looking for third parties related to the industry, with a view to have new strategic partners investing to the Group. Further information will be disclosed to the public through announcement if there are any progress.

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