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Timeless Software to shut down Tuchushan iron mine in China on government order

The Department of Land and Resources of Yizhou District, Hami City, China, issued an order in late July for the compulsory shutdown of mines located in the Xinjiang Lop Nur Wild Camel National Grade Natural Reserve.

As a result, Timeless Software Ltd. subsidiary Xinjiang Tianmu Mineral Resources Development Co. Ltd.'s Tuchushan iron mine will be shut down, and its exploration and mining certificates will be repealed.

The company said Aug. 8 that work at the Tuchushan mine has been suspended for years and the shutdown will have no material financial impact; however, the rehabilitation cost is yet to be estimated.

Meanwhile, the company noted that it is in discussions with regulatory authorities for the mining rights of the Tuchushan mine.