Changes in Hong Kong stocks | Power Development (01277) rose more than 3%, and Minenet signed a cooperation agreement with Minenet on the rutile project in Rotifunk, Sierra Leone

The Zhitong Finance App learned that Power Development (01277) rose by more than 3%. As of press release, it had risen 3.03% to HK$1.36, with a turnover of HK$13.771,700.

According to the news, Power Development announced that on December 23, 2025, Kinetic Development Metal Mining (SL) Limited (Metal Mining), an indirect wholly-owned subsidiary of the company registered in Sierra Leone, and Minenet Company Limited (Minenet) (Minenet) signed a cooperation agreement and supplementary agreement on the rutile project (rutile project) located in Rotifunk, Sierra Leone.

Minenet legally holds a large-scale rutile mining license in the Moyamba district of Sierra Leone, covering an area of about 117 square kilometers, and is valid until February 25, 2049. Under these agreements, Metal Mining will invest and conduct mining operations within the 50 square kilometers specified in the license, and will have exclusive rights to explore, mine, process and sell.

After the five production lines of the Hongshi project are fully put into operation, it is expected to produce about 480,000 tons of heavy sand ore every year, of which Metal Mining is entitled to about 80% (equivalent to about 384,000 tons) of heavy sand ore. Based on currently available information estimates, it is estimated that the unit cost of heavy sand ore in the Red Goldstone Project is about 200 US dollars per ton. The above information is for illustrative purposes only and does not constitute a forecast or estimate of the Group's revenue or profit. Currently, the project is under construction and is expected to be put into operation in September 2026.