HK Stock Market Move | SOUTH MANGANESE (01091) fell more than 12%, Tian Deng Company's manganese mines incurred significant losses, and Zunyi Company suffered severe losses.

SOUTH MANGANESE (01091) fell more than 12%, as of the time of writing, it fell 11.54% to HK $0.46, with a turnover of HK $16.5829 million. In terms of news, on the evening of January 27th, SOUTH MANGANESE announced that the board of directors had noticed various information about the company recently appearing online, including the company's operating situation. The company stated that the main raw materials for its core products, electrolytic metal manganese and electrolytic manganese dioxide, include manganese ore, sulfuric acid, and anode plates, and their costs have increased over the past year. Accordingly, the company has been reviewing and adjusting its cost structure from time to time and taking appropriate measures to control and reduce production costs. In addition, the mining right certificate of the company's wholly-owned subsidiary Tian Deng Mining Co., Ltd. is due to expire on December 2, 2024. Currently, the relevant mining right certificate is still in the process of application. Since the effective mining right certificate has not been obtained yet, part of the business of Tian Deng Mining Co., Ltd. is currently suspended, resulting in significant losses. The company is actively following up on the application matters. Due to the persistent weak demand for manganese ore in the Zunyi area and heavy personnel costs, the operating performance of the non-wholly-owned subsidiary Zunyi Company has incurred severe losses. The company has been continuously evaluating feasible solutions to improve the operating conditions of Zunyi Company.