AsiaPhos | 11 August 2020
Mining operations – Submission of request for international arbitration to Chinese government
The Group has been in discussion with the Chinese Government (since November 2017) for a settlement in relation to the cessation of the mining activities at Mine 1 and Mine 2 because of the Panda Park and the Chinese Government’s request to provide undertaking to vacate its mining site in the JiuDingshan Nature Reserve. To date, while the Group has made continuous efforts in good faith to reach an amicable settlement with the Chinese Government, without success as the Chinese Government has not accepted any of the Group’s proposals and has not made any counter-proposal.
On 7 August 2020, the Group’s lawyers have submitted a Request for Arbitration to the Chinese Government. The Group continues to be open to consider any compensation proposal from the Chinese Government.
The Board confirms that all material disclosures, facts and information (including but not limited to disclosures pertaining to, inter alia, material operations and business of the Group, miningoperations, and mining and exploration rights) have been provided and announced. Save as announced, the Board is not aware of any facts, information or disclosures, the omission of which would make any statement in this Announcement or previous announcements or disclosures misleading in any material respect.The Company will make such further announcements at the appropriate juncture, as and when there are material developments in relation to this matter. Shareholders and potential investors should exercise caution when trading in the Company’s shares. Persons who are in doubt as to the action they should take should consult their legal, financial, tax or other professional advisers.
BY ORDER OF THE BOARD
Dr Ong Hian Eng
11 August 2020