Jiangxi Copper Company Limited announced at the board meeting has approved a proposal to establish a joint venture in the Shangrao Development Zone and the investment in the project is expected to be RMB 600 million, among which, the fixed assets investment shall be RMB 500 million and the working capital investment shall be RMB 100 million. The industrial and commercial registration shall be completed within 30 days after the signing of the Investment Project Contract and the joint venture agreement with the support of Shangrao Development Zone and the project shall be established based on the exact time of completion of such registration. The casting material project shall be divided into two phases: the first phase of the project shall produce 15,000 tonnes of casting materials annually with an aim to complete the construction and begin production before 31 December 2022; the second phase of the project shall produce 15,000 tonnes of casting materials annually with an aim to complete the construction and begin production before 31 December 2026. After the two phases of the project reach their capacities, an annual production capacity of 30,000 tonnes of casting materials can be achieved.