On 30th November 2009, the Financial and Documentation Inspection Conference for the National High-tech Industrialization Demonstration Project, "Extraction of Lithium from Qinghai Salt Lakes and Comprehensive of the Resources", was held at Xining, presided by CAS. The conference was chaired by Zhigang Zhao, director of Project Department of CAS Planning and Finance Bureau, and attended by Zengrong Li, president and CEO of Qinghai Lithium Co. Ltd, Ming Yin, director of Engineering Department of CAS Infrastructure Bureau, Yongyan Wang, director assistant of ISL, and a number of financial and documentation experts as well as other relevant staff for the Project.
On the conference, CEO Zengrong Li made a welcome speech, after which Qinghai Lithium Vice President Min Wang gave a presentation of the status of the Project. Based on close examination of the financial and documentation information of the Project, as well as communication with Qinghai Lithium's Managers and staff, the conference passed the acceptance of these professional groups.
In the resolution, it is pointed out that, in effect, CNY 343 million has been put into this industrialization project, of which 50 million was made available from national financial support, and 290 million was raised by Qinghai Lithium from various sources. In the actual investment of CNY 343 million, 124 million was used for construction and installation, 175 million was used for equipment, 31 million is attributable to deferred investment, and 12 million attributable to other aspects. The national investment of CNY 50 million was mainly used in the R&D and construction of the lithium carbonate demonstrative production line. It was noted that the executer of the Project has strictly followed financial management regulations and their financial statements can represent the whole process of the implementation of the Project.
In the resolution, it is also pointed out that Qinghai Lithium and ISL have attached considerable importance to documentation management. They followed a complete set of documentation rules, and designated professional staff to collect and arrange the various data, whereby 475 volumes of documents in total have been made available. The documents were clearly categorized with all volumes bearing good quality pursuant to standards, representing the real progress of the Project.
On 19th-21st October, CAS Planning and Financial Bureau organized and dispatched experts to the Project location of East Taijinar Salt Lake, Qaidam Basin, to conduct on-site inspection, and passed the acceptance of the professional groups of process and equipment, and construction and installation.
As of today, the industrialization project has successfully passed the acceptance of all the four professional groups, namely, process and equipment, construction and installation, finance and documentation.