Lomon Billions Intends to Buy Ilmenite and Iron Concentrate Producer
JIAOZOU, China - Lomon Billions announced its intention to purchase ilmenite and iron concentrate producer Sichuan Anning Iron and Titanium Co. Ltd. (Anning), located in Panzhihua, China.
Anning produces around 480,000 tons of ilmenite and 2.3 metric tons of iron ore concentrate a year. The acquisition is intended to enable Lomon Billions to produce sufficient ilmenite from the combination of Anning and its existing ilmenite operations in Panzhihua to satisfy essentially all its sulfate pigment feedstock requirements. The purchase price is expected to be around 4.5 to 5 billion RMB (0.71 to 0.79 billion dollars).
In accordance with standard practice for companies listed on the Shenzen Stock Exchange, Lomon Billions has requested suspension of its shares to help avoid stock price anomalies. The suspension is expected to last for about one month.