Zangge Mining drops $100m joint venture over market changes

Zangge Mining Co. has confirmed the termination of its joint investment with professional institutions and the deregistration of Hefei Jinsha Xinghe Enterprise Management Partnership. Zangge Mining Investment, a wholly-owned subsidiary, had intended to invest 100 million yuan in the partnership for the Yinhe Aerospace project.

The decision to terminate the investment, approved at a board meeting, was made due to unforeseen market changes affecting the project's financing progress. Zangge Mining, after evaluation and consultation, opted to cease the joint investment to manage risks and optimize management costs.

Zangge Mining Investment had not made any actual capital contributions to Hefei Jinsha Xinghe, and the partnership had not completed its filing with the Asset Management Association of China. The termination does not involve any breach of contract and is not expected to materially impact Zangge Mining's financial or operational performance. Hefei Jinsha Xinghe has completed its industrial and commercial deregistration.