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    CPC   GH0000000540

COCOA PROCESSING COMPANY LIMITED

(CPC)
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Fanya metal exchange's cobalt inventory sold for 5.91 million yuan

10/06/2019 | 12:19am EDT

BEIJING (Reuters) - The cobalt inventory formerly held by Southwest China's Fanya Metal Exchange was on Sunday sold to Shanghai Sanqian New Energy Materials for 5.91 million yuan ($826,839) in an online auction, according to the e-commerce platform that hosted the sale.

The series of Fanya inventory auctions by the Kunming Intermediate People's Court are being closely watched by minor metals traders, as well as creditors seeking the return of around 40 billion yuan following the collapse of the Yunnan-based exchange in 2015.

The bourse was later taken over by government investigators and its founder was jailed in March for 18 years for crimes including embezzlement.

In a day-long auction that ended in Beijing at 1015 (0215 GMT) on Sunday, Shanghai Sanqian New Energy Materials made the highest bid for the cobalt, which is currently in storage in Shanghai, according to the auction page on Taobao.

Even with China observing its National Day holiday from Oct. 1-7, the auction was a hotly contested affair with 143 bids, many submitted on Sunday morning.

The price paid works out at 281,262 yuan ($39,350.00) a tonne, above the current London Metal Exchange cobalt price of $34,000 a tonne, Reuters calculation showed. London cobalt was trading at more than $90,000 a tonne 18 months ago.

The starting price in the auction had been set at 3.92 million yuan, while the market value was put at 4.9 million yuan.

Six Fanya auctions so far, covering materials as varied as antimony and ammonium paratungstate (APT), have raised more than 4 billion yuan.

However, one Shanghai-based former investor in the exchange, who puts the total amount owed at around 43 billion yuan, said creditors "will not simply accept repayment only from the result of auctions".

"If there is any gap between the auction proceeds and our original investment, we will keep pushing the government to close the gap," the former investor said on condition of anonymity.

(Reporting by Hallie Gu, Huizhong Wu and Tom Daly; Editing by Christopher Cushing)


ę Reuters 2019
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Financials (USD)
Sales 2020 13,7 M - -
Net income 2020 -9,23 M - -
Net Debt 2020 62,3 M - -
P/E ratio 2020 -6,63x
Yield 2020 -
Capitalization 6,82 M 6,78 M -
EV / Sales 2019 2,44x
EV / Sales 2020 5,35x
Nbr of Employees 277
Free-Float 99,0%
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Nana Agyenim Boateng I Managing Director & Director
Kofi Tekyi Deputy Managing Director-Finance & Administration
Jacob S. Arthur Chairman
Genevieve D. Pawar Manager-Research & Development
Frank Adu Asante Deputy Managing Director-Operations
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