1973 At the National Planning Conference, Li Xiannian, then Vice Premier of the State Council, put forward the slogan: Don't import fertilizer, do it all by yourself and win 30 million yuan with one heart. This means that China should independently produce chemical fertilizers, especially phosphate fertilizers, without relying on imports. 1in March, 1989, the State Planning Commission officially approved the feasibility study report on the annual output of 560,000 tons of heavy calcium in mine and roadway phosphate rock (also known as Dayukou Mine-Fertilizer Combination Project). At that time, the total investment approved was 65.438+66 billion RMB, of which 9.465438 million USD +0.5 million USD was a loan from the World Bank, and the insufficient part was supported by China. The project budget is 654.38+466 million, 400 million more than the feasibility report.
1July 996 16 The total investment was adjusted to 3,669.7 million yuan. With the continuous breakthrough of the budget, the benefits behind the project are also growing. The highest interest rate reached 15%. By the time the project is completed, the interest of the project has exceeded 560 million. 80% of the domestic matching funds of this project consist of loans from China Construction Bank, China Development Bank, state grants and construction bonds.
According to the report "Jing Hua Zi (1998) 14" issued by Jingxiang Phosphate Mine to the provincial government, 20% of domestic matching funds should be raised by Hubei Province, amounting to 586.43 million yuan. But in fact, by the end of 1997, the project only got nearly 240 million yuan from the province. According to the calculation, after the project is completed and put into operation, it needs 330 million yuan of working capital, and what Hubei Province takes less accounts for almost all the working capital. When 1999 stopped production, * * * owed 654.38+200 million. The state is willing to allocate a part of working capital for the project, which is about 280 million (or 250 million). In fact, it allocated 56 million yuan for the first time. Finally, at 1997, the Ministry of Chemical Industry and the Ministry of Finance repaid 36 million yuan of discount loans, and CCB repaid 80 million yuan. After deducting interest, only 50 million yuan was actually paid, totaling 65438+. 1997 May 18, Jingxiang Phosphate Group held a press conference to announce the successful completion of Dayukou Project.
From July 2000 1997 to June 2000, Jingxiang Phosphate Group made more than 40 emergency reports to the State Planning Commission, the Ministry of Chemical Industry, the State Development and Investment Corporation, Hubei Province and other relevant departments, including applications for working capital and capital, project transformation, debt-to-equity swaps, bankruptcy and merger. During this period, the state and relevant departments tried their best, including closing loans, converting debts into shares, implementing a modern enterprise system, and helping to find recipients, but in the end they could not solve this problem.
Since the Spring Festival of 1999, Jingxiang phosphate plant has been shut down one after another. By the beginning of that year 10, the whole Jingxiang mining area had stopped.
Two months later, the project actually passed the completion acceptance.
When the main plant of heavy calcium carbonate stopped production in June 5438 +0999 10, the financial situation of Jingxiang Phosphate Mine was: the existing book assets were 5,270.69 million yuan, the net value after evaluation was 21210.3 million yuan, and the foreign debt was 316.55 million yuan (which was owed to the bank)
Among them, high-tech equipment imported from Germany, the United States, Japan and other countries has not been put into use.
In 200 1 year, the asset-liability ratio reached 137% and filed for bankruptcy. Officially declared bankruptcy in 2003. In 2000 and 2003, with the consent of the State Council, the asset value of Dayukou Project was reduced from 4.5 billion yuan to 700 million yuan twice, including 530 million yuan from Cinda Company and 65.438+700 million yuan from Sasac.
The National Development and Reform Commission decided to invest another 300 million yuan to introduce strategic investor Sinochem Group, and its China-Arab Company, Cinda Assets Company and Provincial State-owned Assets Supervision and Administration Commission set up a new Dayukou Company.
Dayukou Company has achieved an annual output of 654.38+500,000 tons of granular monoammonium phosphate, 500,000 tons of NPK compound fertilizer, 200,000 tons of phosphoric acid and 590,000 tons of sulfuric acid, which can absorb most of the phosphate rock resources in Hubei nearby and become one of the largest production bases of chemical products in Central and South China. Dayukou Company introduced the advanced management mode and business philosophy of Sinochem Group and Zhonga Fertilizer Co., Ltd., and gave full play to the production capacity, resource advantages and brand advantages of the original Dayukou mineral fertilizer engineering device, making its products more competitive in the market. In September 2006, Sinochem Group took over the state-owned property rights of Wang Ji Mining Company, a subsidiary of Hubei Jingxiang Chemical Group. On August 20 10, Jingxiang industrial park introduced six major projects with a total investment of 4 billion yuan. Dayukou Phase II capacity expansion project covers an area of 507 mu, adding 800,000 tons of sulfuric acid, 200,000 tons of phosphoric acid and 480,000 tons of compound fertilizer, with a total investment of 2 billion yuan. It was completed and put into operation on June 20 1 1.