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EPIC: AKN
Market: ASX
52-week High/Low: A$0.01 / A$0.01
Sector: General Mining - Copper
Market Cap: A$6.54M
Website: www.cycal.com.au
AuKing Mining Ltd

AuKing Mining Ltd

AuKing Mining Ltd (ASX:AKN) (formerly Chinalco Yunnan Copper Resources (ASX:CYU)) is listed on the Australian Securities Exchange.

AuKing Mining Ltd

www.cycal.com.au

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Big picture - Why invest in AuKing Mining Ltd


AuKing Mining Ltd Snapshot

Chinalco Yunnan Copper Resources Ltd (ASX:CYU) is a resource exploration and development company with project interests in the Mount Isa region of north Queensland. CYU is also actively pursuing other project acquisition opportunities in Australia and overseas.

CYU’s largest shareholder is China Yunnan Copper (Australia) Investment and Development Co Ltd (“CYC”), owning 63.4% of the total issued shares in CYU. CYC is a wholly-owned subsidiary of Kunming-based Yunnan Copper Industry (Group) Co Ltd, which is the third largest producer of smelted copper product in China. In turn, Yunnan Copper Group is a subsidiary of Aluminium Corporation of China (Chinalco) which is the largest producer of aluminium product in China and the second largest world-wide.


(click here for more information)

Roseby South JV

On 17 September 2013, CYU entered into a binding term sheet to create a joint venture with Altona Mining Limited (Altona) to explore for copper and gold and ultimately earn a majority interest in the Roseby South Project, near Mount Isa in Queensland.
 
Roseby South comprises a package of eight Exploration Permits covering an area of 704km2 situated near Cloncurry in the world-class Mount Isa Inlier in north-west Queensland.
 
The terms of the earn-in joint venture between CYU and Altona are:

  • The term of the earn-in is 5 years;
  • CYU must spend at least $1m on exploration at Roseby South during the next 2 years;
  • CYU has the right to earn a 30% interest upon the expenditure of $2m (inclusive of the $1m noted above);
  • CYU has the right to earn a further 30% of the project by investing an additional $2 million; and
  • At any time CYU may elect to sole fund exploration and feasibility studies on a proposed mining development. By incurring all costs up to completion of a positive bankable standard feasibility study and to the point of a decision to mine being made by the parties, CYU shall be entitled to earn a further 10% interest in the Roseby South tenures (taking its total interest to 70%).


(click here for more information on this project)


Millennium JV

On 17 September 2013, CYU entered into a further binding term sheet to create a joint venture with Elementos Limited (ELT) to explore for copper, cobalt and gold and ultimately earn a majority interest in the Millennium Project.
 
Millennium, also situated near Cloncurry, includes the following tenements:

  • Mining Leases totalling 134 hectares;
  • Exploration Permits totalling 254 km2; and
  • Exploration Permit applications (including areas that involve contested applications) totalling 74 km2.

The terms of the earn-in joint venture between CYU and ELT are:

  • CYU will make a payment of a $100,000 cash option fee for the exclusive right to explore the properties subject to the joint venture (now completed);
  • CYU will have the right to earn 51% of the project by investing $1.2 million over 3 years; and
  • CYU may increase its interest by a further 19% of the project, by investing an additional $1.3 million over a further 2 years.


(click here for more information on this project)


Mary Kathleen JV- Jubilee, Blue Caesar, and Elaine


The Elaine prospect has already been the subject of over 13,000m of drilling by CYU since 2009. In September 2012, CYU announced a maiden inferred JORC resource at Elaine of 27.7Mt @ 0.53% Cu and 0.08 g/t Au. The Elaine prospect is part of a large alteration system that has been mapped over 10km on EPM 14467 and 14022. The current resource has only been tested over a 400m strike length and remains open at depth and may potentially join up with the Blue Caesar prospect, located 500m to the northwest of Elaine.


The Elaine-Blue Caesar-Jubilee area with historic prospects and workings, rock chip and soil geochemistry overlain on TMI magnetic image. The figure also depicts areas of mapped skarn alteration (associated with the Elaine-Blue Caesar mineralisation) as well as the Ballara Quartzite (Pkb)-Corella Formation (Pkc) contact that hosts the Jubilee mineralisation.

(click here for more information on this project)


Other IOCG Prospects

The recently completed technical review has also highlighted the potential for the CYU tenement package in northwest Queensland to host significant iron oxide copper gold (IOCG) mineralisation. A number of substantial IOCG deposits have been recognised in the Eastern Succession – Mount Isa Inlier including Glencore’s Ernest Henry and Mount Margaret projects and Altona Mining’s Little Eva project. These deposits have the size potential to meet CYU’s exploration criterion (ie > 1Mt of contained copper or copper equivalent).
 
A number of prospects have been recognised within the CYU portfolio that exhibit many of the ingredients typical in IOCG deposits. These include:

  • Sodic-calcic and potassic alteration;
  • Regional scale faulting;
  • Strong magnetic signatures; and
  • Elevated copper and gold results in soil and rock chip results.

Featured prospects in this region include:
 
Oliver Twist (EPM 14535) – a 3.3km x 500m strong magnetic anomaly with a sinusoidal shape. Rock chip samples in the area from earlier activities include results of 14.00% Cu & 2.0 g/t Au.
 
Round Mount NW & SE (EPM 10833) – further strong magnetic anomalies along a 5km strike length. Rock chip samples in the area from earlier activities include results of 3.42% Cu & 0.75 g/t Au.
 
Campbell’s Prospect (EPM 14365) – located on the margin of a large 600m x 400m magnetic anomaly with rock chip samples from earlier activities up to 3.58% Cu and 0.12 g/t Au.
 
The Tub (EPM 14365) – a 1,600m x 1,100m strong magnetic anomaly with rock chip samples from earlier activities up to 2.28% Cu and 0.25 g/t Au.
 
A large number of these prospects are associated with magnetic complexes contained within CYU’s exploration tenement holdings and remain poorly tested by modern exploration methods or drilling. These prospects all remain early stage exploration targets and will be evaluated in 2015 as part of this year’s exploration campaign. Reconnaissance mapping and geochemical soil sampling activities are planned for these prospects during the course of 2015.



Last updated 11th December 2015.

Mr Paul Williams
Managing Director
BA LLB

Mr Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm Hopgood Ganim for 17 years. He ultimately became an equity partner of that firm before joining Eastern Corporation as their Chief Executive Officer in August 2004. In mid-2006 Mr Williams joined Mitsui Coal Holdings in the role of General Counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group.
 
Mr Williams is well known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the CYU Board a broad range of commercial and legal expertise - especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
 
Mr Williams is a founding member of Equine Learning for Futures Inc, a charitable organization based in SE Queensland which provides horse-based workshops and programs for disadvantaged children and youths.



Mr Zhihua Yao
Non-Executive Chairman

Mr Yao has been the Deputy General Manager of Chinalco Yunnan Copper Industry(Group) Co. Ltd (CYCI) since November 2010. He is responsible for exploration, M&A and project development of CYCI. Mr Yao has over 29 years’ experience in mining and exploration in China. He has worked in different positions, mainly in mining and exploration within CYCI. Mr Yao started his career as a mining technician at a copper mine for Yimeng Mining Co. Ltd, a major mining subsidiary of CYCI. In July 1998 he was appointed Vice General Manager of Yimeng Mining Co. Ltd, and was responsible for the company’s planning, development, R&D, QC and construction.

From 2003 to 2010, Mr Yao was employed as the Director General of Mineral Resource Department and Vice Chief Engineer of CYCI. He was responsible for project generation, M&A, exploration and project development of the whole group. In November 2010, he was assigned to the post of Deputy General Manager of CYCI.

Mr Yao has a Bachelor of Science with specialization in Mining Engineering and Post Graduate Diploma in Mining Management from Kunming University of Science and Technology, China. He has a PhD degree of mining engineering from China South University. His responsibilities include the investment and project development.



Zewen Yang
Executive Director
BA, MComm, MAICD

Mr Yang is the General Manger of China Yunnan Copper (Australia) Investment and Development Co Ltd based in Sydney.

Mr Yang has 18 years experience in mineral resources trading and project investment areas in China and Australia. He has previously worked for China Non-Ferrous Metals Import and Export Company and has been with the Yunnan Copper Industry (Group) Co Ltd since March 2004.

He has a Bachelor of Arts degree majoring in Economics and specializing in International Business from Sichuan University, China and a Masters degree in Commerce majoring in International Business from University of New South Wales. He is a member of Australian Institute of Company Directors.



Mr Paul Marshall
Chief Financial Officer and Company Secretary
LLB, Grad Dip Acc & Fin, MCA

Paul Marshall is a Chartered Accountant. He holds a Bachelor of Laws degree from Liverpool University, England, a post Graduate Diploma in Accounting and Finance from the London School of Economics, England and is a member of the Institute of Chartered Accountants in England and Wales.

He has more than 22 years in the accountancy profession in England and Australia, having worked for Ernst and Young for ten years, and subsequently over ten years in commercial roles as Company Secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. He has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal, due diligence, capital raising and company listings and company secretarial responsibilities.



Mr David A-Izzeddin
Exploration Manager
B App Sc (App Geol), B Sc (Hons)

David A-Izzeddin is a geologist with over 24 years’ experience in exploration, project assessment, feasibility studies, mine development and business development across a broad range of commodities including gold, base metals, iron, uranium, phosphate and bauxite. David has worked in Australia, Asia-Pacific, Europe, North and South America and has extensive experience working in the Mount Isa Inlier.

He has operated in a number of operational and management roles and played a major role in the discovery and development of a number of ore deposits in Australia, Fiji and Serbia. David has also coordinated project generation activities for Xstrata Copper and has been directly involved in the successful negotiation of project acquisitions and joint venture agreements within Australia and internationally. Since leaving Glencore Xstrata in 2012 David has been running a successful consulting company, assisting private and public mining companies and private equity funds.



Last updated 11th December 2015.
Rank Name Shares %
1. CHINA YUNNAN COPPER (AUSTRALIA) INVESTMENT AND DEVELOPMENT CO LTD 299,922,326 63.40
2. MR NORMAN JOSEPH ZILLMAN 10,200,000 2.16
3. ELLIOTT NOMINEES PTY LTD 7,150,000 1.51
4. KIMBRIKI NOMINEES PTY LTD 6,526,808 1.38
5. CITICORP NOMINEES PTY LIMITED 4,688,080 0.99
6. PREMAR CAPITAL NOMINEES PTY LIMITED 3,633,333 0.77
7. MR LAWRENCE CHI-YUN LEE 3,069,998 0.65
8. UBS WEALTH MANAGEMENT AUSTRALIA NOMINEES PTY LTD 2,708,514 0.57
9. BANNERBLOCK PTY LTD SUPER FUND 2,500,000 0.53
10. YUNNAN & HONG KONG METAL CO. LTD 2,400,000 0.51
11. J P MORGAN NOMINEES AUSTRALIA LIMITED 2,345,047 0.50
12. JOIN VICTORY INVESTMENTS LIMITED 2,083,334 0.44
13. MR JONATHAN PAUL KERSHAW MARSHALL 1,999,982 0.42
14. PACIFIC CAPITAL SECURITIES PTY LTD 1,725,997 0.36
15. ROCK MASTER PTY LTD 1,700,000 0.36
16. DEPOND AUSTRALIA PTY LIMITED 1,666,667 0.35
17. MR GREGORY BURTON & MRS CATHERINE BURTON 1,650,000 0.35
18. KING FAITH GROUP LIMITED 1,600,000 0.34
19. MR JEFFREY HOWARD LATIMER & MRS JUDITH ANN LATIMER 1,500,000 0.32
20. REST SERVICES PTY LTD 1,446,074 0.31
       
TOTAL: FOR TOP 20 360,516,150 76.21

As at 30 June 2015

Directors
Mr Zhihua Yao – Non-executive Co-chairman
Mr Paul Williams - Managing Director
Mr Zewen (Robert) Yang - Executive Director

Management
Mr Paul Marshall – Company Secretary
Mr David A-Izzeddin- Exploration Manager

Head Office
Chinalco Yunnan Copper Resources Limited (CYU)
Level 8, 320 Adelaide Street
Brisbane QLD 4000

Registered Office
Chinalco Yunnan Copper Resources Limited (CYU)
C/- HopgoodGanim
Level 8
Waterfront Place
1 Eagle Street
Brisbane QLD 4000

Telephone: +61 7 3041 1306+61 7 3041 1306 
Fax: +61 7 3010 9001
Email: [email protected]

Principal Place of Business
Level 8
Christie Centre
320 Adelaide St
Brisbane QLD 4000

Postal Address
GPO Box 216
Brisbane QLD 4001

Auditor
KPMG
10 Shelley Street
Sydney NSW 2000

ASX Code
CYU

Share Registry
Link Market Services Limited
Level 5, 151 Macquarie Street
Sydney NSW 2000
Share Registry Telephone (02) 8280 7454(02) 8280 7454



Last updated 11th December 2015.

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