BEIJING, Nov. 9, 2011 /PRNewswire-Asia-FirstCall/ -- China Shen Zhou Mining & Resources, Inc. ("China Shen Zhou" or the "Company") (NYSE AMEX: SHZ), a Company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced that the Chinese fluorite annual conference was held by China Non-metallic Minerals Industry Association Fluorite Committee at Xiamen between October 31, 2011 and November 2, 2011. The conclusion was that fluorite production and demand are in balance for the Chinese domestic fluorite and foreign downstream fluorite enterprises.
The officials from China National Development and Reform Commission, China Ministry of Industry and Information Technology, China Ministry of Land and Resources, and China Ministry of Commerce, together with a total of more than 200 domestic and foreign enterprises attended the conference.
The conference concluded that both the domestic and foreign downstream fluorite enterprises are experiencing normal production with stable fluorite demand. The European debt crisis has had little effect on the Chinese fluorine chemical industry. Downstream manufactures are exhausting their inventories requiring new orders to be placed soon. Therefore, China Shen Zhou is very optimistic on the fluorite market for the next couple of quarters.
In addition, challenges were also discussed during this conference:
1. To prevent illegal mining and over exploitation of fluorite ore are the main problems. The fluorite ore explored last year exceeded the targeted 10 million metric tons production limit, which disrupted the fluorite market. The Chinese government will introduce some appropriate policies to combat the illegal mining and over exploitation currently affecting the industry.
2. To avoid excessive fluorite exports, domestic fluorite prices need to be maintained at a reasonably high price as the fluorite tariffs will be gradually reduced by 2013. The new industry entry standards were issued to encourage industry integration and consolidation, raising the entry bar for fluorite manufacturers, therefore reducing supply and protecting the resources.
3. It is very likely that the government will soon appoint 30 fluorite industry leading firms and issue favorable policies towards such enterprises.
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite extraction and processing in Jingde County, Anhui Province; (c)zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper exploration, mining and processing in Xinjiang.
For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will", "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .
Contact Information
Min Liu
Investor Relations
Grayling
Tel: +1-646-284-9413
min.liu@grayling.com
