The China Qinfa Group Ltd sold the entire equity interest in Perpetual Goodluck Limited on 11 July 2025 to Add Harmony Group Limited, a company wholly owned by Mr. Xu Jihua, the controlling shareholder.
As at 30 June 2025, Perpetual Goodluck Limited indirectly holds 80% equity interest in Shanxi Shuozhou Pinglu District Huameiao Fengxi Coal Co., Ltd., which hold coal mining licenses in People’s Republic of China (the “PRC”).
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Summary:
The Xingtao, Fengxi and Chongsheng mine area is situated within the Pingshuo Coalfield, which constitutes the northern sector of the Ningwu Coal Deposit in Shanxi Province. The Ningwu Coal Deposit contains coal seams within both the Carboniferous-Permian and Jurassic systems; however, the northern sector, encompassing the Pingshuo Coalfield, hosts only Carboniferous-Permian coal seams.
The three coal mines of the Shuozhou Projects are situated within a contiguous geological unit. The sedimentary sequence encountered across these three mines is consistent with the regional stratigraphy of the Pingshuo Coalfield. This sequence comprises the following formations: the Ordovician Shangmajiagou Formation (O1s), the Carboniferous Benxi Formation (C2b), the Taiyuan Formation (C3t), the Permian Shanxi Formation (P1s), and the Permian Shihezi Formation (P1x), overlain by Quaternary soils. The Taiyuan Formation is identified as the primary coal-bearing unit, with coal seams exhibiting mineable potential. Based on the geological map provided by the Client, the surface geology across the three mining areas is characterized by Quaternary Loess deposits.
Given the shared common boundary between the Fengxi and Chongsheng mines, the two mining areas can be considered as a single geological domain for the purpose of describing the overall stratigraphy and geological structure. The stratigraphy within this domain is generally characterized by gentle folding, resulting in a predominantly sub-horizontal attitude of the strata. In the Fengxi mine, the dip angle of the strata typically ranges between 2 and 8 degrees, with a general dip towards the southeast.
Coal Seam Thickness and Structure
Four Seams have been intersected and correlated within Fengxi and Chongsheng mines with mineable potential: Seam 4, Seam 9-1, Seam 9-2, and Seam 11. These coal seams are encountered at approximate depths ranging from 80 m to 270 m below the surface within the Fengxi mining license area, and from 100 m to 200 m below the surface within the Chongsheng mine area.
Coal in Fengxi and Chongsheng is also high volatile B to C bituminous (ASTM). Under Chinese standards, Fengxi seams are bituminous CY coal.
Coal seam 4 has a thickness range of 11.3 to 15.9 m, averaging 13.3 m; parting numbers range from 3 to 16, with an average parting thickness of 0.6 m; interburden not specified; roof and floor lithology is siltstone.
Coal seam 9-1 has a thickness range of 5.0 to 8.5 m, averaging 6.8 m; parting numbers range from 2 to 6, with an average parting thickness of 0.5 m; average interburden is 32.3 m; roof and floor lithology is sandstone/siltstone.
Coal seam 9-2 has a thickness range of 5.5 to 6.5 m, averaging 5.8 m; parting numbers range from 3 to 6, with an average parting thickness of 0.5 m; average interburden is 8.8 m; roof and floor lithology is sandstone/siltstone.
Coal seam 11 has a thickness range of 1.9 to 5.2 m, averaging 4.2 m; parting numbers range from 1 to 5, with an average parting thickness of 0.4 m; average interburden is 4.8 m; roof and floor lithology is mudstone/sandstone.