CU River Mining Australia Pty. Ltd. (“CU River”) was founded in 2014 and its founder and sole shareholder is Chinese businessman Yong Gang Shan, who has more than 20 years of mineral processing experience in south east Asia.
The company purchased the Cairn Hill Project in 2014 and currently is holding one mining lease and seven exploration licenses in the far north of South Australia.
After an extensive $20 million upgrading of the Cairn Hill project, CU River commenced iron ore exports in June 2016 and produced and exported one million tonnes of ore in a little over its first 12 months of operations.
It has an experienced board and management team with specific skills in exploration, mining and processing plant development. The company regards South Australia as a suitable State to develop further magnetite iron ore projects as more than 90% of the State’s magnetite ore is located in defined, prospective areas. CU River intends to make a major contribution to South Australia’s Magnetite Strategy goal of producing 50 million tonnes of iron ore magnetite per year by 2030.
The Australian Securities and Investments Commission (ASIC) regards corporate governance as “a driver of the performance of a company”. The components of good governance include, in part, managing conflicts; director oversight of financials and audit; emerging risk management; handling corporate information; and culture.
CU River Mining Australia accepts and adheres to these principles. Although it is not an ASX listed company it also adheres to ASX’s corporate governance guidelines, “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled within corporations. It encompasses the mechanisms by which companies, and those in control, are held to account.”
Good corporate governance is focused on ethics and responsibility, both within the company and in all dealings with all other parties.
ABN 48 600 429 043
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