Core Subsidiary of Guangdong Mingzhu Ordered to Rectify; Iron Concentrate Output and Sales to Decline in Third Quarter

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โดย 读创财经·CN·Read original
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Mingzhu Mining, a wholly owned subsidiary of Guangdong Mingzhu, has been ordered by the Heyuan Emergency Management Bureau to immediately stop tailings discharge and rectify within a deadline, because the current total dam height of its tailings pond exceeds the design height by one meter. Mingzhu Mining's tailings pond has temporarily stopped receiving tailings since July 15, causing the beneficiation line to be unable to produce iron concentrate normally, while lump ore and sand and gravel production remain normal. The company expects iron concentrate output and sales to decline in the third quarter of 2026, but based on the rectification progress, it is likely to complete the rectification and resume iron concentrate production by late August 2026. Mingzhu Mining is the core subsidiary of Guangdong Mingzhu. In 2025, the iron concentrate business achieved revenue of 805 million yuan, accounting for 82.95% of the company's consolidated revenue; in the first quarter of 2026, iron concentrate business revenue was 179 million yuan, accounting for as much as 95.06%.

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