Last checked at 2 Mar 2009 14:12
2 March 2009 China Changfa Alumina Recycling Ltd ("the Company") Business Update And Delay Of Release Of Final Results
We announced last July when we released the interim results for the six months ended 31 March 2008 that, in the light of poor profitability from the Company's core business of recycling alumina waste to produce high silicon aluminium, with no indications that profitability would improve in the near future, the Company was seeking to shift its core business to straw power generation by converting its coal-fired power plant to a biomass power plant. The Company plans to set up a Joint Venture with a US OTCBB listed company. This joint venture will be located in Henan Province, one of the largest agricultural provinces in China. China Changfa Alumina Recycling Ltd. will hold up to 30% stake, paid for by contributing its current power generation equipment. The plant is expected to be completed in the first half of 2009, and start to supply power to the National Grid at the end of this year. The Company has completed the feasibility report and got approval from the Provincial Environmental Protection Bureau. Currently the Company is waiting for the approval from the Provincial Development and Reform Commission.
The change of main operating business has a significant impact on the Company's financial statements, so that the Company is not able at this point to release its financial results for the year ended 30 September 2008 ("2008 Results"). The Company anticipates that results will be available for announcement by 20 March 2009.
The Directors of China Changfa Alumina Recycling Limited accept responsibility for this announcement.
For further information please contact:
Diana Chen
London Asia Corporate Finance
Tel +86 10 8808 6366
vendor