HONG unveils john rocker KONG, June bobby cox autographed baseball fells in 29 /PRNewswire-FirstCall/ -- CHINA NATURAL RESOURCES, INC.(Nasdaq: CHNR), a company based in the People's Republic of China, todayreleased results of operations for the year ended December 31, 2008 (derivedfrom the Company's audited financial statements) as follows. on December 31, 2008.The RMB is not freelyconvertible into foreign currencies and no representation is made that the RMBamounts could have been, or could be, converted into US$ at that rate, or atall.Mr. Li Feilie, the Company's Chairman, commented on the results: "ChinaNatural Resources recorded total sales revenue of RMB846.1 million (US$123.9million) in 2008, a surge of 571.7% from a year earlier. This representsprincipally the contribution from our copper smelting business.The Companyachieved net income of RMB76.0 million (US$11.1 million) in 2008, representingan increase of over 200% from a year earlier. This was attributable to thedisposition of a 40% equity interest in our copper smelting business.Thedisposition was made to strengthen the Company's working capital so that theCompany is better able to focus on the development of its upstream coal andnonferrous metal businesses.
In January 2009, we completed the acquisition ofa 70% interest of a coal mining asset in Guizhou Province, the PRC baseball ticket . Theoperating environment for 2009 will remain difficult.Although marketconditions are weak, there are signs of recovery in the PRC economy as the PRCgovernment's economic stimulus package, introduced in November 2008, isstarting to bear fruit bobby cox signed baseball . Although the Company'smanagement believes that the expectations reflected in forward-lookingstatements are reasonable, it can provide no assurance that such expectationswill prove to be accurate.SOURCEChina Natural Resources, Inc.Edward Wong, Chief Financial officer of China Natural Resources, Inc.,011-852-2810-7205, baseball . NEW YORK--(Business Wire)--Fitch Ratings assigns an 'A' rating to the Central Valley Financing Authority's(CVFA) and the Sacramento Cogeneration Authority's (SCA) proposed issuance of$49.2 million and $59.1 million, respectively, series 2009 cogeneration projectrevenue refunding bonds hotel turner field . The rating reflects the more favorable terms of therevised purchase power agreement (PPA) with Sacramento Municipal UtilityDistrict (SMUD, rated 'A', Stable Outlook by Fitch), and the purchaser of 100%of the output from the Authorities' cogeneration projects. The final rating forthe 2009 bonds will be assigned at closing and will be based upon finaldocumentation in a form satisfactory to Fitch and consistent with the structuredescribed below. The bonds are expected to price July 9, 2009, subject to marketconditions.
This PPA change eliminates the risk of SMUD reducing capacity payments(which cover project debt service) or terminating the PPA in the event theprojects fail to perform at minimum required levels bobby cox . Under the revised PPA,SMUD's obligation to pay all project related costs, including debt service,would be an absolute and unconditional obligation, payable by SMUD whether theproject is operating or not world baseball series . SMUD has decided to convert its historically take-and-pay PPAcontract to a take-or-pay structure, effective with the delivery of the 2009bonds baseball managers . The 'A' rating for the proposed 2009 bonds primarily reflects a major change tothe PPA with SMUD bobby cox autographed baseball . Both projects continue to exhibit solid operating performance, withplant availability exceeding 93% and call-up ratio in excess of 98% for the pastfive years.
Each project isseparately financed and accounted for and located in Sacramento County, CA world series 1992 . Forboth cogeneration facilities, 100% of the project's electricity output is soldvia a long-term PPA (term no shorter than life of project bonds) to SMUD.Additionally, each project sells steam generated at the projects to separatesteam hosts bobby cox signed baseball . The 2009 bonds (fixed rate), will have a finalmaturity of July 1, 2020 (CVFA bonds) and July 1, 2021 (SCA bonds) baseball . CVFA and SCA are joint power authorities created to own the Carson Ice-Gen andthe Procter & Gamble cogeneration projects, respectively . Additionally, CVFA's and SCA's outstanding $55.2 million and $67.8 million,respectively, series 1998 cogeneration project revenue bonds are affirmed at'BBB+', pursuant to the existing indenture and original PPA structure TheRating Outlook for all bonds is Stable.
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