Prosperity Minerals Holdings Limited
Prosperity Minerals Holdings Limited is a large cement operator in the People's Republic of China ("the PRC) and major iron ore trader serving the same market.The Group has equity interests in six existing cement and clinker manufacturing projects. The gross tonnage (including the equity interest of partners) under Prosperity’s control and influence as of March 2009 is over 23 million tonnes per annum. The Group also has three greenfield projects, one of which is pending governmental approval. These three projects together with expansion plans at two of its existing facilities will take the gross tonnage under Prosperity’s control and influence to above 33 million tonnes per annum by the end of 2011. Over the last 17 years Prosperity has gained extensive experience in the iron ore trading business that allowed the team to develop the contacts and good working relationships that enables it to excel in its field.
Prosperity Minerals confirms 6.5 pence dividend payment
Prosperity Minerals (AIM: PMHL), the cement manufacturing and iron ore trading group operating in the People's Republic of China, announced that it had received approval to pay a cash dividend of approximately 6.52 pence per share.
Prosperity's story began in 1992 when David Wong, the chairman and chief executive, started up a business trading iron ore.
This now supplies around 3.5 million tonnes a year to companies in China, primarily large steel manufacturers. China is the largest importer of iron ore in the world and currently imports of over 300 million tonnes. This total is expected to grow to over 500 million by 2014.
Prosperity is estimated to make a profit margin in the region of $7 per tonne of iron ore and it's recently been able to reduce its freight costs by sourcing more material from Thailand.
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Other Prosperity Minerals Holdings Limited articles
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21/12/09 Prosperity Minerals agrees to sell cement business for £300 million, retains iron ore business and equity stake in Anhui Chaodong Cement
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30/11/09 Prosperity Minerals enters MOU to sell subsidiary for £312 million
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13/06/09 Prosperity Minerals cement operations should benefit from China’s continued growth
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03/06/08 Prosperity Minerals is Cementing Profits in China
Other Prosperity Minerals Holdings Limited news
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24/02/10 Daniel Stewart retains 'buy' on Prosperity Minerals as disposal remains on track
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11/02/10 Prosperity Minerals' £300m asset disposal ‘very likely’ to be completed - Daniel Stewart
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04/02/10 Daniel Stewart says Prosperity Minerals trades at substantial discount, maintains 'buy' with 250p target
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01/02/10 Prosperity Minerals values Chinese cement business property interests at US$155 mln following £300 mln sale
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04/01/10 Prosperity Minerals to retain US$15 million debt after £300 million disposal in China, releases financial results for Upper Value
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23/12/09 Prosperity Minerals looks to expand business with £300 million in cash as H1 revenues climb 33%
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04/08/09 Prosperity Minerals Director Sandy Chim talks to Proactiveinvestors about iron ore, cement and China
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09/07/09 Prosperity Minerals says confident for current year after full-year profits fall
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29/04/09 Prosperity Minerals chairman/CEO Wong raises stake to 45.58 pct
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24/04/09 Prosperity Minerals chairman/CEO Wong buys further 2 mln shares