On October 20, Ningxia Building Materials announced that the 33rd meeting of the eighth board of directors of the company considered and approved the Proposal of Ningxia Building Materials Group Co., Ltd. on Terminating the Investment and Construction of Rural Revitalization 4000t/d Green Intelligent Second Generation New Dry Cement Production Line Project by Ningxia Tongxin Horse Racing New Materials Co., Ltd. According to
the data, on April 30, 2021, Ningxia Building Materials held the twenty-eighth meeting of the seventh board of directors, deliberated and adopted the Bill on the Investment of Ningxia Tongxin Horse Racing New Materials Co., Ltd., a wholly-owned subsidiary of the company, in the construction of 4000 t/d Green Intelligent Second Generation New Dry Cement Production Line Project for Rural Revitalization. It is agreed that Ningxia Tongxin Saima New Materials Co., Ltd. will invest RMB 1,040,002,700 to construct a 4000t/d green intelligent second-generation new dry-process cement production line and supporting 7 MW pure low-temperature waste heat power generation system project (hereinafter referred to as the "Project") by adopting the second-generation intelligent new dry-process precalcining kiln production process. As the energy consumption index of this
project is restricted by the regional policy, it is impossible to obtain and complete the compliance procedures such as energy assessment and environmental assessment, and the construction has not been started so far. In recent years, the cement market demand has continued to decline, and the overall business situation of the industry is grim. Under this background, after in-depth research and judgment on the follow-up progress and benefit indicators of the project, the current implementation conditions of the project deviate from expectations, and it is difficult to achieve the economic benefit objectives set in the feasibility study report.
In view of the above reasons, it is agreed to terminate Ningxia Tongxin Saima New Materials Co., Ltd., a subsidiary of the company, to invest in the construction of 4000t/d green intelligent second-generation new dry process cement production line and supporting 7 MW pure low-temperature waste heat power generation system project for rural revitalization.
The proposal was considered and approved at the 17th meeting of the Strategy and ESG Committee of the eighth session of the Board of Directors of the Company before being submitted to the Board for consideration.
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