ASSIGNMENT AND ASSUMPTION CONTRACT This ASSIGNMENT AND ASSUMPTION CONTRACT (this 'Contract'), dated as of this 26th day of April, 1996, is between JIAOZUO ALUMINUM MILL ('Assignor') and JIAOZUO WAN FANG POWER COMPANY LIMITED ('Assignee'). RECITALS WHEREAS, Assignor owns all right, title and interest in and to the equipment, machinery, properties, contracts, permits, licenses and other assets listed on Schedule A attached hereto (the 'Project Assets'); WHEREAS, pursuant to the Joint Venture Contract dated as of March 27, 1996 between Assignor and Jiaozuo Power Partners, L.P. (the 'Joint Venture Contract'), Assignor is required to transfer the Project Assets to Assignee at the time contributions to the registered capital of Assignee are made; WHEREAS, Assignor desires to assign to Assignee, and Assignee desires to accept, all of Assignor's right, title, interest and benefits under, in and to, the Project Assets and Assignee desires to assume certain liabilities in connection therewith as listed on Schedule B attached hereto (the 'Liabilities'), all on the terms and conditions set forth herein; and WHEREAS, the transfer of the Project Assets under this Contract is made in consideration of Jiaozuo Power Partners, L.P. entering into the Joint Venture Contract and in consideration of Assignee's assumption of the Liabilities listed on Schedule B hereto; NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 1. Assignor hereby irrevocably conveys, transfers, sets over and assigns to Assignee (the 'Assignment'), and its successors and assignees, all of Assignor's right, title and interest in and to all of the Project Assets and all benefits arising thereunder or therefrom, such Assignment to take effect on the Assignment Date (as herein defined). 2. (a) Subject to the terms and conditions herein, Assignee hereby assumes the Liabilities specifically listed on Schedule B hereto, provided that Assignee shall not assume any liability in connection with the Project (as defined in the Power Purchase and Sale Contract dated as of April 26, 1996 between Assignor and Assignee), the Project Assets or this Contract, whether or not listed on Schedule B, until the Assignment Date or such later date as the Assignment becomes effective under Section 4. Assignor specifically acknowledges and agrees that Assignee does not assume any liability not listed on Schedule B and that Assignee shall have no responsibility for any liability in connection with the -1- Project, the Project Assets or this Contract prior to the Assignment Date or such later date as the Assignment becomes effective under Section 4. (b) All debts and liabilities of Assignor in connection with the Project (other than those listed on Schedule B), whether now existing or hereafter arising, shall be the sole obligation of Assignor and shall not give rise to any actual or contingent Lien (as herein defined) on any portion of the Project, the Project Assets, Assignee, any assets of Assignee or any interest in Assignee. Assignee shall not be liable for any such debts or liabilities. Assignor shall be obligated to repay such debts and liabilities in full and upon such repayment shall provide evidence satisfactory to Assignee that such debts and liabilities have been paid in full and that all claims and liens in connection therewith have been released. 3. Each party hereto agrees that it shall execute or cause to be executed promptly after request by the other such documents or instruments as may be reasonably required for the purpose of or in connection with the assignment by Assignor of the Project Assets or the assumption by Assignee of the Liabilities pursuant to this Contract. 4. Notwithstanding anything contained herein, to the extent the consent of any third party is required as a condition to the assignment of any Project Asset, the Assignment, insofar as it encompasses such Project Asset, shall not be effective unless and until such consent shall have been obtained and Assignor shall: (a) until such time as such consent shall have been obtained, to the extent possible obtain for Assignee the benefits of such Project Asset as though the Assignment had been effective with respect to such Project Asset; and (b) be obligated to obtain the consent of such third party. At such time as Assignor shall obtain the required consent to the assignment of any Project Asset retained by Assignor pursuant to this Section 4, the Assignment shall immediately become effective in accordance with the terms of this Contract without the need for further action or further documentation by either party hereto. This Section 4 shall not apply to any transfer that does not require any third party's consent. 5. The 'Assignment Date' shall be the date on which this Contract is formally signed by Assignor and Assignee, which date shall be after the business license is issued to Assignee. 6. Assignor represents and warrants to and covenants with Assignee as follows: (a) Assignor has all necessary corporate power and authority to execute and perform its obligations under this Contract; the signing and performance by Assignor of this Contract have been duly authorized by all necessary corporate action on its part; and this Contract has been duly and validly signed by Assignor and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms. -2- (b) No authorizations, approvals or consents of, and no filings or registrations with, any governmental or regulatory authority or agency are necessary for the signing or performance by Assignor of this Contract or for the validity or enforceability thereof. (c) So long as provisions of this Contract are in effect, Assignor shall (i) preserve and maintain its corporate existence; (ii) preserve and maintain all of its material rights, privileges and franchises; and (iii) comply with the requirements of all applicable laws, rules, regulations and orders of governmental or regulatory authorities. (d) Assignor is the sole legal and beneficial owner of the Project Assets free and clear of any Lien other than the Liabilities listed on Schedule B. 'Lien' means, with respect to any property, any mortgage, lien, pledge, charge, security interest, encumbrance, option, contract right or other third party right of any kind in respect of such property. (e) The Project Assets are in a good state of repair and working condition and comprise of all of the assets, rights and privileges which are currently or have been used or required by Assignor to carry on the Project. (f) There are no options or other agreements or contracts outstanding which provide for the sale or transfer or the right to require the creation of any Lien over the Project Assets or any part thereof. (g) Assignee shall upon taking over the Project Assets have full and complete right, title and interest in and to the Project Assets free and clear of all Liens. (h) Neither Assignor nor any of its employees is engaged in or is the subject of any litigation or arbitration, administrative or criminal proceedings which may affect the Project Assets or the Project. (i) All the books and records and other materials relevant to the Project have been fully, properly and accurately maintained on a consistent basis and have been turned over to Assignee. (j) Except as expressly listed on Schedule C hereto, Assignor has conducted work in connection with the Project in all respects in accordance with all applicable laws, permits and regulations of the People's Republic of China and is not currently in violation of such applicable laws, permits and regulations including without limitation those of the environmental protection agency. The Project and its business as contemplated will not violate such applicable laws and regulations referred to above. Assignor acknowledges that the approvals listed on Schedule C have not been obtained and believes that the lack of such approvals will not have a serious impact on the Project. Assignor agrees to provide relevant government support document(s) and try its best to hold the Assignee harmless against losses in connection therewith. -3- (k) Assignor has disclosed to Assignee in writing full and complete copies of all contracts and arrangements entered into prior to the date hereof in respect of the Project Assets and the Projects; and Assignor is not at the date hereof a party to or subject to any agreement which is outside the ordinary course of the business of the Project. (l) There are no claims of third parties or liabilities or obligations of any kind relating directly or indirectly to the Project or the Project Assets except the Liabilities set forth on Schedule B hereto. (m) There are no contracts, obligations, agreements or arrangements to which Assignor is a party or by which Assignor is bound which are void, illegal or unenforceable under or contravening any laws, regulations or permits. (n) Assignor is not in default under any provision of any of the contracts relating to the Project to be assigned to Assignee and no event has occurred which constitutes a default, or with the giving of default notice or the passage of the default cure period, would constitute a default under the foregoing contracts. (o) The approvals, contracts and insurance policies to be assigned to Assignee are and will be on the date of such assignment in full force and effect in accordance with their terms. (p) All representations and warranties made by Assignor will be true throughout the term of Assignee as a joint venture. (q) Assignor believes that the construction of the power plant complies with all applicable laws, permits and regulations. (r) No tax liability shall be incurred by Assignee as a result of Assignor's transfer of the Project Assets to Assignee as Assignor contribution to the registered capital of Assignee. (s) Work relating to the Project that has been completed prior to the Assignment Date or such later date as the Assignment becomes effective under Section 4 is free from defects in title, conforms to standards of design, materials and workmanship prevailing in the industry and conforms in all respects to the construction contract(s). (t) Warranties provided by manufacturers or otherwise on equipment transferred and other Project Assets are valid as of the Assignment Date or such later date as the Assignment becomes effective under Section 4. (u) Assignor shall notify Assignee immediately in writing if Assignor becomes aware of any circumstances that might make any of the representations and warranties hereunder untrue or misleading. -4- 7. Assignor shall, and does hereby agree to, indemnify Assignee for, and hold it harmless from, (a) any and all liability, loss or damage (other than to the extent resulting from the Liabilities listed on Schedule B hereto) which may be incurred under or by reason of this Contract or any breach by Assignor of any of the representations, warranties, covenants or the terms of this Contract, (b) any and all claims and demands whatsoever which may be asserted against Assignee by reason of this Contract (other than to the extent resulting from the Liabilities listed on Schedule B hereto), (c) any and all claim, liability, loss or damage relating to the Project or Project Assets arising prior to the Assignment Date or such later date as the Assignment is effective under Section 4 and (d) any and all claim, liability, loss or damage relating to the Project or Project Assets arising after Assignment Date or such later date as the Assignment is effective under Section 4 (other than to the extent resulting from the Liabilities listed on Schedule B hereto), including in the case of any of the foregoing items (a) through (d) all costs, expenses and reasonable attorneys' fees, but excluding any such loss, liability, damage, claims or demands to the extent resulting directly from Assignee's misconduct or negligence. 8. (a) Both parties agree that the total value of the Project Assets as of March 31, 1996 is an amount not less than RMB 301,648,069 and not exceeding RMB312,808,069 (the 'Price Range'). Both parties shall endeavor to agree on the precise value of the Project Assets (the 'Final Price') within the Price Range prior to May 17, 1996. Upon reaching agreement on the Final Price, (i) the Final Price shall be stated in Schedule A and Schedule B; (ii) both parties shall sign Schedule A and Schedule B, which signatures shall be evidence that the parties have reached agreement on the Final Price; and (iii) the transfer of the Project Assets from Assignor to Assignee in an amount equal to the Final Price shall be deemed to have been made on the Assignment Date. (b) Notwithstanding Section 8(a), the effective date of the Assignment is the Assignment Date. (c) On the date the parties reach agreement on the Final Price, a portion of the Final Price equal to RMB 134,274,000 shall be converted into Assignor's contribution to the registered capital of Assignee and the remaining amount of the Final Price shall be deemed to be the first drawdown on the shareholder loan required to be provided by Assignor to Assignee pursuant to the Joint Venture Contract. (d) Both parties recognize that certain of the contracts listed on Schedule B are not based on fixed prices and that certain contract prices specified in Schedule B are subject to change. Assignee shall be responsible for any such price changes except those price changes that have been already accounted for in the Valuation Report of the Assets of Jiaozuo Aluminum Mill's Self-Supply Power Plant by Henan Provincial Ownership Rights and Assets Valuation Company, Ltd. dated June 28, 1995, which price changes shall be Assignor's responsibility. -5- 9. Failure by either party to exercise any of its rights under this Contract shall not constitute a waiver of such rights. Neither party shall be deemed to have waived any right resulting from any failure to perform by the other party unless it has made such waiver specifically in writing. 10. (a) The parties shall attempt to settle any dispute arising out of or in connection with this Contract through friendly consultation between themselves. Such consultation shall begin promptly after one party has delivered to the other party a written request for such consultation. If the parties do not reach an amicable solution within 30 days of receipt of such notice, either party may, with notice to the other party, submit the dispute for binding arbitration in Beijing, China, under the auspices of the China International Economic and Trade Arbitration Commission ('CIETAC') in accordance with the CIETAC Arbitration Rules as in effect on the date of this Contract (except to the extent this Section 10 specifies different procedures, in which event such procedures shall govern the arbitration, including the selection of the arbitration panel). The parties agree that any dispute arising out of or in connection with this Contract shall be submitted exclusively to arbitration as provided in this Section 10. Any settlement and award rendered through such an arbitration proceeding shall be final and binding upon the parties if the decision is in writing and contains a reasoned analysis explaining the arbitrators' reasons for rendering the award. The parties agree that the arbitral award may be enforced against the parties or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof. Accordingly, the parties irrevocably agree that any action to enforce such judgment may be instituted wherever appropriate and each party hereby irrevocably waives, to the fullest extent permitted by law, any objection which it may have now or hereafter to the laying of the venue or the jurisdiction or the convenience of the forum of any such action and irrevocably submits generally and unconditionally to the jurisdiction of any such court in any such action. (b) The arbitration shall be conducted in English and Chinese and the arbitration shall refer to the English and Chinese texts of this Contract. (c) There shall be three arbitrators. The parties shall each select one arbitrator within 30 days after giving or receiving the demand for arbitration. The two arbitrators selected by the parties shall select the third arbitrator. If a party does not appoint an arbitrator who has consented to participate within 30 days after the selection of the first arbitrator, the relevant appointment shall be made by the arbitrating body. The costs of the arbitration shall be borne by the parties as determined by the arbitration tribunal, taking into account the relative merits of the positions of the parties. (d) Each party is subject to civil and commercial law and irrevocably agrees that this Contract is a commercial rather than a public or governmental activity and neither party is entitled to claim immunity from legal proceedings with respect to itself or any of its assets on the grounds of sovereignty or otherwise under any law or in any jurisdiction where an action may be brought for the enforcement of any of the obligations arising under or relating -6- to this Contract. To the extent that a party or any of its assets has or hereafter may acquire any right to immunity from any set-off, legal proceedings, attachment or execution of judgment on the grounds of sovereignty or otherwise, each party hereby irrevocably waives such right to immunity in respect of its obligations arising under or relating to this Contract. (e) The parties hereby agree to carry out their respective obligations under this Contract, including without limitation all payment obligations, notwithstanding any pending dispute or controversy. 11. This Contract may be amended or modified only by an instrument in writing signed by both parties. 12. This Contract will be executed in four counterparts in both Chinese and English versions. Each version shall be of equal force and effect. 13. This Contract shall be governed by and construed in accordance with the laws of the People's Republic of China. 14. The invalidity of any provision or portion of this Contract will not affect the validity of the remainder of this Contract. 15. This Contract contains the complete agreement between the parties with respect to the matters contained herein and supersedes all other agreements, whether written or oral, with respect to the matters contained herein. 16. This Contract and the Assignment shall become effective upon the formal signing by both parties of this Contract after the business license is issued to Assignee. IN WITNESS WHEREOF, each of the parties hereto has caused this Assignment and Assumption Contract to be signed by its duly authorized representative on the date first set forth above. JIAOZUO ALUMINUM MILL By: /s/ [SIGNATURE ILLEGIBLE] --------------------------- Name: Title: JIAOZUO WAN FANG POWER COMPANY LIMITED By: /s/ Edward C. Hall, III --------------------------- Name: Title: -7- Schedule A List of Project Assets This Schedule A includes the list of Project Assets in the following pages and any and all other property and assets, whether tangible or intangible and wherever located, relating to the Project or any aspect of its development, construction, ownership, financing or operation, whether in the name of Assignor, any of its affiliates or any other party (including the contracts listed on Schedule B and the rights and interests thereunder). SCHEDULE A JIAOZUO POWER STATION PROJECT Total Assets and Liabilities to be Transferred to the Joint Venture Company (in RMB) 1-June-95 to 31-May-95 Adjustment to 31-Mar-96 31-May-95 Appraised Value Appraised Value Change in Book Value Asset Type Book Value Land Use Right 8,601,274 81,940,628 (1,830,000) 7,598,845 Civil Construction & Installation 11,175,884 26,670,090 - 20,370,490 Prepaid Construction 17,361,078 17,361,078 - 16,145,721 Prepaid Equipment 30,853,102 48,039,898 (2,973,902) 8,310,400 Equipment in Warehouse 22,470,903 38,770,903 - 2,800,563 Fixed Assets - - - 617,220 Inventory - Raw Materials 10,521,054 10,657,218 - (1,840,111) Other Investment 53,206 - - 500,232 Deferred Expenses 21,237,317 29,788,617 - 20,067,261 Other Receivables 2,224,327 2,224,327 - 578,697 Cash & Cash Equivalents 4,229,322 4,229,322 - 4,541,607 ===================== =================== ===================== ========================= Total Assets 128,727,467 259,682,081 (4,803,902) 79,690,925 ===================== =================== ===================== ========================= Liabilities Other Payables --------------------- ------------------- --------------------- ------------------------- Total Liabilities Capital Contributed by PRC Partners ===================== =================== ===================== ========================= Total Liab. & Capital ===================== =================== ===================== ========================= 31-Mar-96 Reappraised Value Reference Pages Asset Type (JV Opening Bal.) Land Use Right 80,110,628 Sche. # 1 Civil Construction & Installation 47,040,580 Sche. # 2 Prepaid Construction 33,506,799 Sche. # 3 Prepaid Equipment 53,376,396 Sche. # 4 Equipment in Warehouse 41,571,466 Sche. # 5 Fixed Assets 617,220 Sche. # 6 Inventory - Raw Materials 8,817,107 Sche. # 7 Other Investment 500,232 Sche. # 8 Deferred Expenses 49,855,878 Sche. # 9 Other Receivables 2,803,024 Sche. # 10 Cash & Cash Equivalents 8,770,929 ===================== Total Assets 326,970,259 ===================== Liabilities Other Payables 25,322,190 Sche. # 11 --------------------- Total Liabilities 25,322,190 Capital Contributed by PRC Partners 301,648,069 ===================== Total Liab. & Capital 326,970,259 ===================== Mam Land Use Right (in RMB) 1-June-95 to 31-May-95 31-May-95 31-Mar-96 31-Mar-96 31-Mar-96 Account Items Book Value Appraised Value Change in BV Book Value Reappraised Value Land Acquiring Fee (area of 481,492.1 m2) 7,755,754 81,940,628 7,413,189 15,168,943 80,110,628 Land Investigation Fee 461,000 - 461,000 - Temporary Facility 332,220 185,656 517,876 - Electricity Transformer 52,300 - 52,300 - ----------------- ----------------- ----------------- --------------- --------------------- TOTAL 8,601,274 81,940,628 7,598,845 16,200,119 80,110,628 Sch. 1 - Land Use Right Civil Construction (in RMB) 31-May-95 1-June-95 to 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Reappraised Value Projects Book Value Change in BV Book Value Well #1 315,171 490,601 - 315,171 490,601 Well #2 339,440 483,230 - 339,440 483,230 Well #3 343,855 491,980 - 343,855 491,980 Well #4 316,897 483,293 - 316,897 483,293 Well #5 341,097 484,294 - 341,097 484,294 Well #6 337,545 484,508 - 337,545 484,508 Well #7 337,513 484,098 - 337,513 484,098 Well #8 347,742 491,868 - 347,742 491,868 Well #9 139,020 496,880 - 139,020 496,880 Well #10 355,068 497,433 - 355,068 497,433 Wall Surrounding the Well 184,030 184,031 19,235 203,265 203,266 Land Work on Water Source 60,000 - - 60,000 - Main Plant Land Civil Work 5,946,279 10,558,400 246,060 6,192,339 10,804,460 Cooling Tower Civil Work 40,766 1,440,000 341,878 382,644 1,781,878 Plant Entrance Road Work 161,355 1,766,400 132,610 293,965 1,899,010 Plant Area Wall Construction 316,460 336,000 8,416 324,876 344,416 Main Bridge 499,988 3,724,600 302,507 802,495 4,027,107 Chemney 347,149 1,376,956 1,004,596 1,351,745 2,381,552 Dormitory 383,695 1,632,000 81,132 464,827 1,713,132 Raw Material Storage 62,814 763,518 284,954 347,768 1,048,472 Fine Stone - - 5,000 5,000 5,000 Road for Coal Transport - - 5,250 5,250 5,250 Road Correction - - 1,111,440 1,111,440 1,111,440 Thermal Power Company - - 3,107,372 3,107,372 3,107,372 Main Plant Construction - - 11,510,549 11,510,549 11,510,549 Canteen Outside the Plant - - 254,888 254,888 254,888 Boiler Room - - 140,278 140,278 140,278 Building - - 466,551 466,551 466,551 Staff Canteen - - 684,656 684,656 684,656 Water Treatment - - 649,411 649,411 649,411 Warehouse - - 13,708 13,708 13,708 ----------------- ---------------- --------------------- -------------------- -------------------- TOTAL 11,175,884 26,670,090 20,370,490 31,546,373 47,040,580 Sch. 2 - Civil Construction Prepaid Construction (in RMB) 31-May-95 1-June-95 to 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Reappraised Value Vendors Book Value Change in BV Book Value Jiaozuo Geology Investigation 190,000 190,000 - 190,000 190,000 Xian City Construction 3,450,000 3,450,000 (3,450,000) - - City Labor Services 1,809,324 1,809,324 1,500,010 3,309,334 3,309,334 Provincial Construction 5,500,000 5,500,000 6,476,395 11,976,395 11,976,395 Wushi 2nd Construction 766,790 766,790 (74,923) 691,867 691,867 Zheng Iron 40,000 40,000 2,700,000 2,740,000 2,740,000 Provincial Thermal 3,030,963 3,030,963 3,808,241 6,839,204 6,839,204 Provincial Zhongyuen 600,000 600,000 1,080,000 1,680,000 1,680,000 Xinxian Geology Investigation 900,000 900,000 1,200,000 2,100,000 2,100,000 City Electricity 400,000 400,000 (400,000) - - Jiaozuo Electricity 400,000 400,000 (400,000) - - Xinguang Installation 240,000 240,000 300,000 540,000 540,000 Xinxian Construction 34,000 34,000 (34,000) - - Linzhou - - 500,000 500,000 500,000 Jiazuo United - - 1,980,000 1,980,000 1,980,000 Zhengzhou City Electric - - 400,000 400,000 400,000 Chang Fire-proof Materials - - 560,000 560,000 560,000 ----------------- ---------------- --------------- ------------ -------------- TOTAL 17,361,077 17,361,077 16,145,722 33,506,799 33,506,799 Sch. 3 - Prepaid Construction Prepaid Equipment (in RMB) 31-May-95 1-June-95 to 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Reappraised Value Equipment Book Value Change in BV Book Value #1 Turbine Machine 7,380,000 15,600,000 1,000,000 8,380,000 16,600,000 #1 Turbine Generator 6,011,000 12,003,894 - 6,011,000 12,003,894 Others 17,462,102 17,462,102 7,310,400 24,772,502 24,772,502 ----------------- ---------------- --------------------- ------------------ ------------------- TOTAL 30,853,102 45,065,996 8,310,400 39,163,502 53,376,396 Sch. 4 - Prepaid Equipment Equipment in Warehouse (in RMB) 31-May-95 1-June-95 to 31-Mar-96 # of 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Reappraised Value Items Unit Book Value Change in BV Book Value #1 Boiler 1 20,700,000 37,000,000 - 20,700,000 37,000,000 #1 Boiler Transportation 996,417 996,417 - 996,417 996,417 Prepaid Boiler Service Fees 100,000 100,000 - 100,000 100,000 Water Pump for Boiler 1 2,406 2,406 - 2,406 2,406 Switch 1 565 565 - 565 565 Fan Machine 1 1,260 1,260 - 1,260 1,260 Exchange Set 2 214,500 214,500 - 214,500 214,500 Water Flow Reader 5 1,533 1,533 - 1,533 1,533 Motor 3 1,115 1,115 - 1,115 1,115 Pump 8 453,107 453,107 - 453,107 453,107 Ignition Set 8 230,000 230,000 230,000 High Pressure Static Remover 103,477 103,477 103,477 Turbine 780 780 780 Mixer 5 815,840 815,840 815,840 Breakers 2 476,100 476,100 476,100 Generator 3,000 3,000 3,000 SW2-110IW/160A 6 604,018 604,018 604,018 Isolated Switch 1 120,670 120,670 120,670 Electric Current Sensor 2,140 2,140 2,140 Electric Current Sensor 250 250 250 Electric Current Sensor 535 535 535 Electric Current Sensor 535 535 535 Voltage Sensor 3 152,705 152,705 152,705 Voltage Sensor 7 262,975 262,975 262,975 Electric Current Sensor 504 504 504 Switch 1 7,281 7,281 7,281 Switch 3 15,842 15,842 15,842 Isolated Switch 570 570 570 Isolated Switch 1,449 1,449 1,449 Isolated Switch 1,072 1,072 1,072 Electric Current Sensor 547 547 547 Electric Current Sensor 273 273 273 --------------- ---------------- ------------------- ----------------- --------------- 22,470,903 38,770,903 2,800,563 25,271,466 41,571,466 Sch. 5 - Equipment in Warehouse Fixed Assets 31-Mar-96 31-Mar-96 (in RMB) Book Value Reappraised Value Yangcheng 1021 135,000 Depreciation (36,043) ----------------- ----------------- Net 98,957 98,957 Audi 100 398,500 Depreciation - ----------------- ----------------- Net 398,500 398,500 Van 38,250 Depreciation (10,605) ----------------- ----------------- Net 27,645 27,645 Small Van 108,000 Depreciation (15,882) ----------------- ----------------- Net 92,118 92,118 total: 617,220 617,220 Sch. 6 - Fixed Assets Inventory Raw Materials (in RMB) 31-May-95 1-June-95 to 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Reappraised Value Items Book Value Change in BV Book Value Black Metal 8,835,452 8,935,973 (1,329,764) 7,505,688 7,505,688 Color Metal 24,208 24,208 10,185 34,393 34,393 Materials for Electricity Work 288,221 288,221 140 288,361 288,361 Hardware Materials 67 67 383 450 450 Screws - - 395 395 395 Auto Parts 397 397 5,940 6,337 6,337 Construction Materials 1,358,337 1,388,204 (392,315) 966,022 966,022 Water Heater 6,883 12,659 (3,070) 3,813 3,813 Low Value, Short Life Materials 5,119 5,119 96 5,215 5,215 Fuel - - 715 715 715 Labor Tools 2,370 2,370 3,348 5,718 5,718 ----------------- ---------------- --------------------- --------------- ------------------- TOTAL 10,521,054 10,657,218 (1,703,947) 8,817,107 8,817,107 Sch. 7 - Inventory Raw Material Other Investments (in RMB) 31-May-95 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 Reappraised Value Book Value Book Value Training 451,674 451,674 Furniture and Appliances 53,206 101,763 48,558 --------------- ---------------- ------------------ ------------------- TOTAL 53,206 553,438 500,232 Sch. 8 Other Investment Deferred Expense (in RMB) 31-May-95 1-June-95 to 31-Mar-96 31-May-95 Appraised Value 31-Mar-96 31-Mar-96 Appraised Value Items to be Amortized Book Value Change in BV Book Value Design Fee 3,053,983 3,053,983 1,020,000 4,073,983 4,073,983 Research & Experimental Fee 2,030 2,030 - 2,030 2,030 Feasibility Study 223,000 223,000 30,000 253,000 253,000 Environmental Evaluation 117,500 117,500 - 117,500 117,500 Temporary Pipeline 26,382 26,382 25,775 52,157 52,157 Loan Interest 13,911,399 21,465,647 13,809,260 27,720,659 35,274,907 Electricity 395,493 395,493 982,395 1,377,888 1,377,888 Office Expense 109,095 109,095 234,419 343,514 343,514 Travel 447,903 447,903 556,408 1,004,311 1,004,311 Entertainment 870,071 870,071 749,540 1,619,611 1,619,611 Salaries and Benefits 437,515 437,515 1,138,000 1,575,515 1,575,515 Other Compensation 211,040 211,040 122,654 333,694 333,694 Tax 11,621 11,621 14,687 26,308 26,308 Repair Fee 51,082 51,082 57,539 108,621 108,621 Insurance Fee 15,070 15,070 34,173 49,243 49,243 Printing Fee 8,392 8,392 7,082 15,474 15,474 Penalty Fee 1,877 1,877 1,125 3,002 3,002 Transportation Fee 43,032 43,032 114,696 157,728 157,728 Technical Information Fee 25,772 25,772 54,730 80,502 80,502 Material Consumption 198,629 198,629 193,567 392,196 392,196 Low value, short-live items 11,547 11,547 15,678 27,225 27,225 Other 142,194 142,194 657,538 799,732 799,732 ----------------- ---------------- --------------------- ------------------ -------------- Subtotal 20,314,627 27,868,875 19,819,266 40,133,893 47,688,141 Office Equipment (provided by the mill) Passenger Vehicle 141,571 141,571 Coupe 450,000 450,000 Mini-van 42,000 42,000 Motor Cycle 1 13,500 13,500 Motor Cycle 2 6,200 6,200 Air-Conditioner 1 21,200 21,200 Air-Conditioner 2 8,500 8,500 Photocopy Machine 34,790 34,790 Typewriter 14,628 14,628 Color TV 1 5,738 5,738 Color TV 2 7,200 7,200 Picture Developing Machine 13,200 13,200 Security System 4,800 4,800 TV 9,600 9,600 Bicycles 1,604 1,604 Phone 14,280 14,280 Mobile Phone 56,400 56,400 Pagers 58,300 58,300 Furniture 93,542 93,542 ----------------- ---------------- --------------------- ------------------ -------------- Subtotal 997,053 997,053 Jiangau Isuzu Van 127,100 127,100 - 127,100 127,100 Coupe 211,304 211,304 - 211,304 211,304 Gold Cup Sealion Van 358,900 358,900 - 358,900 358,900 Tianjin Honda Motor Cycle 11,050 11,050 - 11,050 11,050 Golden City Suzuki Motor Cycle 8,800 8,800 - 8,800 8,800 Telecommunication Network 186,214 186,214 19,638 205,852 205,852 Measurement Equipment 11,926 11,926 - 11,926 11,926 Water Level Measuring Equipment 1,634 1,634 - 1,634 1,634 TV 2,902 2,902 - 2,902 2,902 Camera 1,580 1,580 - 1,580 1,580 Other 1,280 1,280 2,967 4,247 4,247 Air Conditioner - - 185,920 185,920 185,920 Mobil Phone - - 39,470 39,470 39,470 ----------------- ---------------- --------------------- ------------------ -------------- Subtotal 922,690 922,690 247,995 1,170,685 1,170,685 TOTAL 21,237,317 29,788,618 20,067,261 41,304,578 49,855,879 Sch. 9 - Deferred Expense Other Receivables (in RMB) 31-May-95 31-Mar-96 31-May-95 Appraised 31-Mar-96 Reappraised Value Receivable Item Book Value Value Book Value Advances to Employees 974,166 974,166 Machuan Finance Ministry 1,000,000 1,000,000 Daiwang Finance Ministry 50,000 50,000 Provincial No. 2 Construction 31,300 31,300 Provincial Construction Service 80,000 80,000 Jiaozuo Cable 700 700 Provincial Design Institute 5,000 5,000 Jiaozuo Minery Department 50,000 50,000 Zhengzhou Cable 600 600 Jiaozuo City Geology Investigation 470,000 470,000 City Electricity Department 130,000 130,000 Canteen 10,010 10,010 City North Transportation Station 1,248 1,248 ----------------- ----------------- ---------------- ------------------ TOTAL 2,803,024 2,803,024 Sch 10 -Other Receivables Other Payables 31-Mar-96 31-Mar-96 Reappraised Value Content Book Value Jiaozuo University (Xian Electricity University) Training 7,300 7,300 Provincial Construction Investment Purchase of Material 108,672 108,672 Shanghai Electric Construction Purchase of Material 188,000 188,000 City No. 2 Cement Factory Purchase of Material 9,500 9,500 Shishan Resource Trading Purchase of Material - - City Resource Recycle Trading Co. Purchase of Material 84,292 84,292 Provincial Foreign Investment Resource Purchase of Material 1,939,351 1,939,351 Provincial Metallic Material Co. Purchase of Material 2,431,854 2,431,854 City Material Co. Purchase of Material 268,842 268,842 Provincial Metallic Material Development Co. Purchase of Material 81,043 81,043 Chungyuen Trading Co. Purchase of Material 2,774,514 2,774,514 Xian Electric Purchase of Equipmer 310,002 310,002 Zhengyeung Switch Purchase of Equipmer 616,290 616,290 Nantung Purchase of Equipmer 500,000 500,000 City Resources Limited Purchase of Material 23,205 23,205 Shanghai Boiler Purchase of Boiler 2,300,000 2,300,000 (Various Raw Material Suppliers) Purchase of Material 433,597 433,597 ------------ ----------- 12,076,462 12,076,462 Loan payable 12,500,000 13,000,000 Tax Payable (Construction Tax) 245,728 245,728 - ------------------------------ ------------ ----------- TOTAL 24,822,190 25,322,190 Sch. 11 Other Payables Schedule B List of Liabilities Assumed by Assignee Equipment Contract Jiaozuo Project SCHEDULE B List of Liabilities Assumed by Assignee Equipment Contract Contract Amount Paid as Amount O/S Reference Equipment Name & Model Number Manufacturer Quantity Amount at Mar 31, 96 at Mar 31, 96 --------- ----------------------------- ------------ -------- ----------- ------------- ------------- 1.a Turbine (RMB'000) (RMB'000) (RMB'000) 1 Turbine Machine #1, Shanghai Turbine 1 12,300 8,380 3,920 N125-13.24/535/535 2 Turbine Machine #2, Shanghai Turbine 1 13,000 3,900 9,100 N125-13.24/535/535 3 Turbine Generator #1, Shanghai Electric 1 8,103 6,011 2,092 QFS-125-2 13.8kv 4 Turbine Generator #2, Shanghai Electric 1 8,012 801 7,211 QFS-125-2 13.8kv 5 Air Condenser, N-71100-III, Shanghai Station 1 4,480 1,948 2,532 61401-0-0, JD-330-1 6 Low Pressure Heater, JD-220-4, Shanghai Station 1 930 93 837 JD-260-3, JD-260-2 7 High Pressure Heater, Shanghai Station 1 2,290 229 2,061 JG-490-3-1, JG-450-3-2 8 Pressure Reducing Set, C3D65-0 Shanghai Station 1 470 47 423 (WW202-0, Y3D23-0, TP4-D601-0, TP4-D602-0, TP4-D201-0) 9 Blowdown, 71102-0-0 Shanghai Station 1 35 4 32 10 Blowdown, 71202-0-0A Shanghai Station 1 45 5 41 11 Condensing Pump, 12NL-160 Shanghai Pump Factory 2 600 180 420 Motor, JSL 12-4 Shanghai Pump Factory 2 118 35 83 12 Water Supply Set, DGT 480-180 Shanghai Electric Construct 2 1,960 596 1,364 Water supply set motor, (Ordered by Shanghai 2 470 282 188 ykds-3200-2,6kv Electric) 13 Water Pump Set, 150NW-T8x2 Shanghai Pump Factory 2 81 24 57 Motor, y55kw, 2p, 380v Shanghai Pump Factory 2 21 6 15 14 Injection Pump, 250s-39A Shanghai Pump Factory 2 22 7 15 15 Motor, y250m-4,380v, 55kw Shanghai Pump Factory 2 19 6 13 16 Oil Pump 150y-150 Shanghai Pump Factory 1 15 5 11 Motor, YB 315 L1-160KW Shanghai Pump Factory 1 62 19 44 17 High Pressure Set, GS100, GL 440 Qingdao Boiler 2 1,600 1,100 500 18 Bridge Crane, 75/20t Dailian 1 1,460 1,022 438 19 Flushing Set Qingdao Electric Equipment 1 188 - 188 20 Extraction Set Shanghai Turbine 2 - Steam Seal Heater Shanghai Turbine 1 200 - 200 21 Water Filter Qingdao Electric Equipment 2 17 - 17 22 Extraction Set B151.81.21, Shanghai 3 210 210 HB151.82.10 23 Heater for Starting Gas PxP-160T Changzhou Northern Power 4 152 - 152 ----------- ------------- ----------------- 56,861 24,699 32,162 1 Equipment Contract Jiaozuo Project SCHEDULE B List of Liabilities Assumed by Assignee Equipment Contract Contract Amount Paid as Amount O/S Reference Equipment Name & Model Number Manufacturer Quantity Amount at Mar 31, 96 at Mar 31, 96 --------- ----------------------------- ------------ -------- ----------- ------------- ------------- 1.b Boiler 1 Boiler, SG 420/13.7-M419 Shanghai Boiler 1 23,000 20,700 2,300 2 Boiler, SG 420/13.7-M419 Shanghai Boiler 1 23,000 4,600 18,400 3 Ignition Set, KLD-2 Shanghai Boiler 8 230 230 - 4 Ignition Set, KLD-3 Shanghai Boiler 8 230 - 230 5 Wind Box #1, 651419-4 Shanghai Boiler 1 80 - 80 6 Wind Box #2, 651419-4 Shanghai Boiler 1 80 - 80 7 Neunatic Actuator, ZGSA-160x300, Shanghai Boiler 40 150 - 150 ZSZ-63x125 8 Neunatic Actuator, ZGSA-160x300, Shanghai Boiler 40 150 150 ZSZ-63x125 9 Ash Blower, 1K-525B (long) Hebei Machinery 4 534 160 374 Ash Blower, IR-3 (short) Hebei Machinery 24 10 Copper Coal Grinder, MG350, 600 Jiaozuo Minery Factory 2 3,600 1,080 2,520 11 Motor, YTM 630-6 Xiangtan Minery Factory 2 690 240 450 12 ESP, RWD-KFH/JZL-1-108x3-2 Chengzhou Electric Construct 2 5,700 1,995 3,705 13 Start-up Boiler, SZS10-1.25/ Tianjin Boiler 1 466 310 156 300-y 14 Coal Foeder, RMD063 Hebei Machinery Factory 2 140 - 140 15 Scroper Coal Fine Conveyer, Hebei Machinery Factory 1 217 - 217 RMSSF40 16 Coarse Separator, HW-CB-I Qingdao Boiler 2 191 - 191 17 Fine Separator, HW-XB-I Qingdao Boiler 2 132 - 132 18 Fan (Separator), M5-29-11 Chengdu Machinery 2 284 120 164 19 Draft Fan, G4-73-11 Chengdu Machinery 2 156 120 36 20 Inducing Fan, Y4-2X60-01 Chengdu Machinery 2 1,260 760 500 21 Motor, YFKK450-4, YFKK6301-8, Zangyeung Electric 6 1,252 - 1,252 YFKK5001-4 22 Coal Greeze Feeder, GF-9 Zangyeung Electric 12 144 - 144 23 Fan Muffler, ZK-LT-20x3.2-A Chengdu Electric 2 140 - 140 24 Elevator, TLJ1000/1.0-JX.PC Changzhou Elavator 1 250 50 200 25 Lubricant Dilution, GDZ-63 Shenyang Minery 2 100 - 100 26 Injection Lubrication Set, Shenyang Lubrication Factory 2 78 - 78 SZP-2A ---------- -------- ------------- 62,254 30,365 31,889 2 Equipment Contract Jiaozuo Project SCHEDULE B List of Liabilities Assumed by Assignee Equipment Contract Contract Amount Paid as Amount O/S Reference Equipment Name & Model Number Manufacturer Quantity Amount at Mar 31, 96 at Mar 31, 96 --------- ----------------------------- ------------ -------- ---------- ------------- ------------- 2. Coal Handle 1 Truck Unloader, QX280-12 Hunan Electric Equipment 2 620 186 434 2 Bucket Wheel Reclaimer, Daichung Co. 1 3,700 500 3,200 DQL500/500-25 3 Screen, GGS-600 Shenyang Electric 2 200 - 200 4 Hopper Crusher, PCH-1016 Hebei Minery Equipment 2 456 - 456 5 Iron Picker, RCDD-12 Jenjiang Magnetic Equipment 2 178 - 178 6 Iron Picker, RCDD-10 Jenjiang Magnetic Equipment 2 108 - 108 7 Blade Wheel Feeder, QYG-600A Shenyang Electric Machinery 2 590 - 590 8 Belt Conveyer, B 1000mm Jiaozuo Forklift 11 3,875 - 3,875 9 Plow Unloader, B 1000mm Zhengzou Electric Equipment 6 108 - 108 10 Electric Circuit, 800x800 Zhengzou Electric Equipment 4 36 - 36 11 Water Scrapper Zhengzou Electric Equipment 1 10 - 10 12 Seal of Coal Silo Shenyang Electric Machinery 269 121 - 121 13 Damper Air Lock, 4A Wuxi Electric Supply 4 60 - 60 14 Bulk Material Handle Wuxi Electric Supply 4 60 - 60 15 Crane, LD Luoyang Forklift 1 42 - 42 16 Crane, LD Luoyang Forklift 1 40 - 40 17 Electric Belt, TCS-Y901 Jiangsu Electronic Scale 4 497 - 497 18 Truck Scale Balance Xishan Equipment 32 302 - 302 19 Electric motor vehicle Changzhou Limited Company 1 111 - 111 --------------- ----------- ------------- 11,114 686 10,428 3. Ash and Slag 1 Boam Crane, LD Luo Yang Fortlift 1 35 - 35 2 Ash Discharge Valve, XZ320 Zhengzou Electric Equipment 12 31 - 31 3 Air Lock, DDBS-20/40 Zhengzou Electric Equipment 8 80 - 80 4 Air Lock, DDS-20 Zhengzou Electric Equipment 4 36 - 36 5 Three-Way Buffle Plate, 320x320 Zhengzou Electric Equipment 12 36 - 36 6 Truck Loading Equipment Zhengzou Electric Construct 1 58 - 58 7 Neumatic Transportation Pump, Zhejiang Electric Construct 8 640 - 640 CD4.0-1800 8 Neumatic Transportation Pump, Zhejiang Electric Construct 4 272 - 272 CD2.5-1600 Solinoid Valve, DFX-IID Zhejiang Electric Construct 6 96 - 96 9 Mixer/Feeder/Discharge Valve Nantong Construction Equip. 5 816 500 316 10 Oil Cooled Screw Air Compressor Shanghai Installation 4 940 - 940 Heater, DYK-30, DKY-45 Jiangsu Generation Equipment 6 150 - 150 --------------- ------------ -------------- 3,190 500 2,690 3 Equipment Contract Jiaozuo Project SCHEDULE B List of Liabilities Assumed by Assignee Equipment Contract Contract Amount Paid as at Amount O/S Reference Equipment Name & Model Number Manufacturer Quantity Amount Mar 31, 96 at Mar 31, 96 --------- ----------------------------- ------------ -------- --------- ---------- ------------- 4.Demineralization 1 H+Ion Exchanhger, 1800R+-1250 Xian Xibei Electric Construct 5 169 169 2 Cathode Ion Exchanger, 1800R- Xian Xibei Electric Construct 5 169 169 -1250 3 Mixed Ion Exchanger, 1250R+-5, Xian Xibei Electric Construct 2 52 38 14 R- -1000 4 CO2 Remover Xian Xibei Electric Construct 2 63 63 5 Resin Catcher Xian Xibei Electric Construct 4 12 12 6 Acid Absorber Xian Xibei Electric Construct 1 5 5 7 Acid Tank Central Electric 2 124 112 12 8 Alkaline Tank Central Electric 2 124 112 12 9 Acid Scaling Tank - Anode Bed City Demin. Group 1 9 9 10 Acid Scaling Tank - Mixed Bed City Demin. Group 1 7 7 11 Alkaline Scaling Tank - City Demin. Group 1 9 9 Cathode Bed 12 Alkaline Scaling Tank - City Demin. Group 1 7 7 Mixed Bed 13 Steel Filter Tank Anyeung Water Treatment 2 272 272 14 Installation Yixing Water Treatment 8 912 ------------ ---------------- ------------- 1,934 600 422 5.a.Electric System 1 Transformer, SFPZ7-90000/220 Xian Transformer 1 4,700 1,000 3,700 2 Transformer, SFP7-150000/110 Xian Transformer 1 4,300 1,000 3,300 3 Standby Transformer, Xian Transformer 1 1,240 1,240 SF27-20000/110 4 Transformer for the Plant, Xian Transformer 1 830 830 SF7-20000/13.8 5 Circuit Breaker, Zhenyeung Switch 2 456 300 156 SW2-220IIIW/1600A 6 Circuit Breaker, Zhenyeung Switch 6 588 300 288 SW2-110IW/1600A 7 Switch, GW8-110W/400A Zhenyeung Switch 1 7 7 8 Switch, GW8-60W/400A Zhenyeung Switch 3 15 15 9 Isolation Switch, GN23-20Z/8000A Zhenyeung Switch 1 118 118 10 Lightening Arrestor, Nanyeung Lightening Arrestor 6 180 180 Y10W-200/520(W) 11 Lightening Arrestor, Nanyeung Lightening Arrestor 15 233 20 213 Y10W-108/268(W) 12 Lightening, Y1W-146W Nanyeung Lightening Arrestor 1 17 17 13 Lightening, Y1W-60W Nanyeung Lightening Arrestor 3 22 22 14 Lightening, Y25W-16.7 Nanyeung Lightening Arrestor 3 3 3 15 Discharge Record, JSY-10 Nanyeung Lightening Arrestor 25 8 8 16 H.V.Panel Xinyeung Switch 7 510 102 408 4 Equipment Contract Jiaozuo Project SCHEDULE B List of Liabilities Assumed by Assignee Equipment Contract Contract Amount Paid as Amount O/S Reference Equipment Name & Model Number Manufacturer Quantity Amount at Mar 31, 96 at Mar 31, 96 --------- ----------------------------- ------------ -------- ---------- ------------- ------------- 17 PT TYD220 Xian Electric 3 151 106 45 18 PT TYD110 Xian Electric 7 259 100 159 19 CT Zhenyeung Equipment 43 960 300 660 20 Isolation Switch, GW4 Wushun Electric 41 870 100 770 ----------- ------------- ------------- 15,466 3,508 11,958 6.b. Plant Power 1 Dry Transformer, SCL2-1250/6, Beijing Transformer 4 614 614 SCL2-100 2 BGZN-27x2x300/220 Xinxian 755 2 1,354 1,354 BGZN-27-2x100/220 Xinxian 755 1 387 387 3 NIFE901-220-40 Shanghai 2 1,340 1,340 4 6KV high voltage box, JYN3-10 Xinhong Industrial Automatic 71 2,980 2,980 5 GSF-1 ACF Xinhong Industrial Automatic 8 281 281 6 GKG-1, GFKG-6 Xinhong Industrial Automatic 21 263 263 ------------- ------------ -------------- 7,219 7,219 Instrumentation 1 General DCS System Shenzhen 2 6,998 6,998 2 Boiler/Turbine Protection System Jiaozuo 1 1,370 1,370 3 Secondary Air Gate/Swing Cylinder Suian City 10 145 145 Central Panel, FDK-1 4 Thermal Set Control System Shenzhen Electric Power 2 1,979 5 Monitor System Shenzhen Wanyue 1 227 227 ------------- ------------ -------------- 10,719 8,740 8. Water System 1 Recirculation Pump, 1200HLCB3-19, Shanghai (KSB) 4 1,941 1,081 860 YL800KW10P6kv 2 Booster, 500S-22B Shanghai (KSB) 2 106 32 74 3 Crane, 16/3.2t Xin Xian 1 240 - 240 -------------- ------------ -------------- 2,287 1,113 1,174 171,043 61,471 106,682 5 Construction Contract SCHEDULE B List of Liabilities Assumed by Assignee Construction Contract Amount Total Prepaid Civil O/S Ref# Project Contractor Amount Construction Construction March 31, 96 - ---- ------- ---------- ------- ------------ ------------ ------------ (RMB'000) (RMB'000) (RMB'000) (RMB'000) 1 Thermal System Henan Construction 28,440 28,440 Fuel System Henan Construction 12,040 12,040 Water Supply System Henan Construction 18,540 18,540 Turbine System Henan Construction 2,710 2,710 Water Treatment System Henan Construction 1,850 1,850 Generation Support System Henan Construction 2,130 2,130 Supplementary System Henan Construction 6,970 6,970 Other Henan Construction 4,370 4,370 -------- ---------------- -------------- -------------- 77,050 12,940 14,820 49,290 2 Staff Dormitory Zhongyeun Construct 2,000 1,680 460 - 3 Dormitory Water & Electricity Xinguang Installation 800 540 260 Supply Conference Room Xinguang Installation 70 70 --------- ---------------- -------------- -------------- 870 540 - 330 4 No.I 110kv Cable Modification Jiaozuo Electric 570 570 No.II 110kv Cable Modification Jiaozuo Electric 560 560 ---------- ---------------- -------------- -------------- 1,130 -- 1,110 20 5 Road Work Outside the Plant Jiaozuo City Construct 1,600 1,600 Tower Construction Jiaozuo City Construct 300 300 ---------- ---------------- -------------- -------------- 1,900 3,310 290 - 6 Cooling Tower Civil Work Hungda 1,620 -- -- 1,620 7 Canteen Outside the Plant Linzhou 1,120 500 250 370 8 Cooling Tower Fine Stone Xinxian 1,300 1,300 350 350 ----------- --------------- -------------- -------------- 1,650 2,100 390 - 9 Pole Zheng Iron 6,000 2,740 800 2,460 10 Water Well Jiaozuo Mineral Water 3,770 190 3,440 140 11 Warehouse Wushi 800 690 360 - 12 Underground Water Pipe City Water 1,980 - 13 Installation Provincial Thermal 150,000 6,840 3,110 140,050 14 Main Plant Construction Xian 6,190 - 6,190 - 15 Plant Wall Chang 320 320 - --------- ---------------- -------------- -------------- TOTAL 254,420 33,510 31,540 194,280 6 Schedule C List of Approvals Not Obtained Assignor acknowledges that as of the date hereof, it has not received the following approvals: 1. Construction Engineering Permit 2. Construction Start Permit D-1
Assignment and Assumption Contract - Jiaozuo Aluminum Mill and Jiaozuo Wan Fang Power Co. Ltd.
Was this helpful?