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SQC working on issues related to the company stocks
Wednesday, 06 October 2010 15:52

October 05, 2010 - Saigon – Quy Nhon Mining Corporation (SQC) sent its official report to the State Security and Exchange Commission and Hanoi Stock Exchange (HNX) on issues revolved SQC trading activities.

SQC’s report stated challenges which the company encountered when public opinions are expressing subjective assessments of SQC’s price and trade volume. Misleading sources also provided inaccurate information regarding SQC’s environmental activities... Unverified information has caused difficulties and affected SQC’s public image, confused potential investors. SQC expected necessary reaction from the authority.

According SQC, the taxation on exported titanium slag product is not reasonable; it created unfavorable condition to companies in the industry. The company is seeking advice from the authority to temporarily stop trading until the appropriate tax rate is applied. SQC also expressed to buy back outstanding shares as treasury stocks to ensure fairness to its shareholders.

Through the official letter to the State Security and Exchange Commission, SQC reaffirmed its commitment in exploiting and deep processing titanium, and aiming to produce titanium alloy, a very valuable product which has 500 or 1,000 more value compared to crude titanium. SQC factory is the most modern factory in Vietnam in processing titanium slag (92% purity) up to this point.

With the current 15% exporting tax rate, SQC plant had to halt production. The company had to temporarily stop producing deep process titanium or to operate in moderately to maintain a team of skilled workers and professionals. However, SQC still continues its raw titanium ore mining activity and limonite ore mining (52% TiO2). The company also maintains its infrastructure development and works with international partners to establish joint ventures in the field.

Despite these difficulties, SQC is committed to become leading pioneer in the field of mineral processing. The company believes the current tax rate will be lower and the mineral processing industry will prosper. Exporting economic benefit will be much higher. This will contribute effectively to reducing trade deficit, promoting macroeconomic stability, trade surplus and bringing prosperity to the country.

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Updated: 21-October-2011