Overview
Prosperity Minerals Holdings Limited (the 'Company' or 'Prosperity') is an iron ore trading business serving the People's Republic of China ('PRC') and a real estate owner and developer in the same market. It is also an investor in two PRC cement manufacturers.
Prosperity was floated on AIM in May 2006 and raised £115 million. The Company was incorporated in Jersey and its main country of operation is the PRC.
Prosperity’s iron ore trading business provides an invaluable service to iron ore suppliers around the world and to end-users, principally large steel manufacturers in the PRC. The Company provides both suppliers and customers with comprehensive value-added services, including financial and logistical solutions, tailor made to their specific and individual needs. Over the past two decades Prosperity has gained extensive experience in the field that allowed the team to develop the contacts and good working relationships that enables it to excel in its field.
On 29 December 2010, Prosperity completed the acquisition of an effective 35% interest in a joint venture company engaged in the exploration and production of iron ore in Brazil.
For more information on Prosperity's iron ore business, please see Iron ore Business.
Prosperity has operated a real estate investment and development division since 1 February 2010, focussed on creating a portfolio of PRC property and development assets with good upside potential and manageable risk. During the year ended 31 March 2011, the Company entered into a number of agreements with its partners to develop recreational, commercial and residential projects in Guangzhou City, Changzhou City and Hangzhou City. The Company also acquired interests in an existing commercial building in Guangzhou City.
For more information on the Prosperity's real estate investment and development division, please see Real Estate Investment and Development.
On 30 April 2010, Prosperity successfully completed the sale of the majority of its cement manufacturing business in the PRC for HK$ 3.8 billion (approximately US$ 487 million) in cash. Prosperity retained its 33.06% interest in Anhui Chaodong Cement Company in the eastern PRC Province of Anhui. On 1 September 2010, The Company completed the purchase of a 25% interest in Liaoning Changqing Cement Co. Limited, a cement manufacturer located in Liaoning Province, northern PRC. Following the completion of a share issuance in August 2011, Prosperity's interest in Liaoning Changqing was diluted to 16.11%. At the same time Liaoning Changqing's name was changed to TCC Liaoyang Cement Company Limited.
For more information on Prosperity’s cement manufacturing business, please see Cement Operations.