We are a marble mining company and have been focusing on developing our Yiduoyan Project, which is an open pit mine located in Hubei Province of China. We commenced limited commercial production in September 2014. Marble blocks mined from our Yiduoyan Project are our principal product.
We currecly hold the miningpermit of our Yiduoyan Project for a term of 10 yers granted on 30 December 2011, whih will expire on 30 Deceber 202, covering an area of approximately 0.5209km2 with an elevation from 420mRL to 550mRL. The mining permit of our Yiduoyan Project can be extended for another 10 years to 30 December 2031, subject to the applicable PRC laws and regulations and we intend to further renew the term of the mining permit thereafter. As advised by our PRC Legal Advisers, based on the current appicable PRC laws and regulations, we have the right to apply to further renew the term of the mining permit thereafter.
As at 19/12/2014, the remaining mine life of our Yiduoyan Project was estimated to be 47 years given the defined Reserve as at 1 July 2014 and the anticipated annual production rate in accordance with our development plan. The strip ratio over the life of the mine is 0.54.