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July 2013, No. 67


Mines & Metals

At Annual General Assembly

NICICO

Gives Rls 1020 Dividend to Each Share

The National Iranian Copper Industries Company has distributed Rls. 1020 in cash interest for each share. According to the National Iranian Copper Industries Company News Agency (Mess Press), the annual meeting of the General Assembly and the extraordinary session of the General Assembly of the National Iranian Copper Industries Company was held at Razi Conference Hall on June 8 in the presence of over 80 percent of natural and legal shareholders, members of the board of directors, the legal inspectorate and representative of the Stock Exchange Organization.

Assembly's Board of Directors: In line with Article 101 of the amendment of the Trade Law approved on the 24th of the Iranian month of Esfand in 1347 (15 March 1968) and Article 22 of the Letter of Association, Dr. Mohamamd Javad Sheikh, on behalf of the association of Saham-e Adalat (Justice Share) investment companies was elected the chairman of the assembly; Saeed Torkzadeh, on behalf of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Kiarash Mehrani, on behalf of the Retirement Fund Institute of the staff of the National Iranian Copper Industries Company as observers and Behrouz Rahmati as secretary of the assembly.


Promising More Profits: In continuation of the session, Engineer Poustindooz, Managing Director of the National Iranian Copper Industries Company, presented a report on the process of activities of the company and the future prospects.

He promised the shareholders that once the development plans of the company become operational as of the next year, the amount of their shares' interest would increase.

Stressing that the year 2012 was a special year for the country's economy as well as for the National Iranian Copper Industries Company, Engineer Poustindooz, said: "In that year, on the one hand we were faced with decline in prices at the London Metal Exchange (LME) and on the other with increase in operating costs due to the fluctuations in the foreign exchange rates.

"Also, with regard to the increase in the operational age of Sarcheshmeh copper mine, we were faced with decrease in standard purity. However, we managed to resolve the problem thanks to the efforts of the colleagues and increase in tonnage of the yield."

He said: "Despite all such problems in the international field, the sanctions and foreign exchange rate fluctuations, my colleagues at the National Iranian Copper Industries Company exerted their utmost efforts to preserve the interests of the shareholders by safeguarding the anticipated profits."

He added: "As of 2013, development projects of the Copper Company are to be put into operation and as a result the company's revenues and profits of the shareholders will increase."

Following the managing director's report, the annual General Assembly started to its work based on the agenda.

Approval of Report by Board of Directors and Legal Inspector: The report by the board of directors and the legal inspector on the performance of the board of directors, financial balance sheets and its annexed notes for the fiscal year ending 20 March 2013 was read and after notifications of the board of directors and the legal inspector, the General Assembly approved by majority of votes the report by acknowledging the performance of the board of directors, the financial figures and lists including the balance sheet, loss and profit account, circulation of the loss and profit account and circulation of cash amounts.

Distribution of Interests: In the General Assembly session, distribution of Rls. 1020 in cash interest for each share was approved. Meanwhile, Donyay-e Eqtesad and Ettelaat newspapers were chosen as the official gazettes of the company.

According to the report, members of the new board of directors were elected and Tehran Province Investment Company, Sistan and Baluchestan Investment Company, Retirement Fund of the staff of Copper Company, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Social Security Investment Company were elected for a period of two years as the board of directors of the National Iranian Copper industries company.

The National Iranian Copper Industries Company hosted its shareholders this year while it registered the best records under the sanctions condition and displayed a bright prospect to its shareholders on the implementation of development projects.

Registering a 38 percent growth in sales, 40 percent growth in operational interest and 57 percent growth in net profit for each share after deduction of tax-- while the country is going through a specific economic condition-- was only possible in the light of convergence and efforts of the elite managers and personnel of the company.

What attracted the attention more than anything else in the annual General Assembly was the shareholders' hope for implementation of development projects and qualitative and quantitative growth of products. Once these projects become operational, the company would guarantee a highly proper productivity for its shareholders in the coming years.

Increase in Capital: Immediately after the annual General Assembly wrapped up its work, the extraordinary session of the General Assembly of the National Iranian Copper Industries Company was held.

In this assembly, the report by the board of directors and the legal inspector on increase in the company's capital was read and after hearing notifications by the board of directors, the legal inspector and representative of the Stock Exchange Organization, the assembly acknowledged performance of the board of directors and approved by majority of votes increase in the company's capital.

According to the report, the assembly approved to increase the company's capital by 101 percent that is to increase it from 17,368 billion rials to 35,000 billion rials out of cash deposits of the shareholders. On this basis, the shareholders have the choice either to pay the increased amount from dividend or otherwise receive the cash amount.

Review of the Company's Achievements

  • Putting into operation and commissioning of the leaching unit of Meiduk and molybdenum of Sungun projects despite escalation of international sanctions and different bottlenecks such as international transportation, money transfer, delivery and release of commodities, etc.

  • Receiving international statute from the International Energy Foundation in connection with the project for the collection and annihilation of Askarel oil

  •  Hitting production record in 2012 -- since the company became operational till now:
    *Total extraction of 163 million tons
    * Sulfur ore at 38,731 tons

  • Hitting the highest value record of company's market share at over 101,000 billion rials since its shares were admitted and listed by Tehran Stock Exchange in the year 2006

  • Hitting the highest price record for the company's shares at 8,240 rials after increase in the capital (equal to 24,720 rials prior to the increase in the capital)

  • Accomplishing an output of about 36 percent of the shares of the company

  • Hitting the highest value record of the traded shares at over 17,457,573 rials since 2006

  • Earning the first place of the biggest company in the Stock Exchange

  • Maintaining the position for the best liquidity rating among companies admitted to the Stock Exchange as well as 50 more active companies

 

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  July 2013
No. 67