Deacons acted for Minmetals Resources Limited in its Capital Reduction 20 February 2007 Minmetals Resources Limited, the shares of which are listed on the Main Board of the Hong Kong Stock Exchange, is a leading alumina importer in the PRC and a member of the State-owned China Minmetals Corporation conglomerate. On 13 February 2007, Minmetals Resources successfully obtained the High Court's order confirming the cancellation of Minmetals Resources' Special Capital Reserve Account of approximately HK$125 million and the reduction of its Share Premium Account from approximately HK$3.5 billion to approximately HK$2.7 billion. The amount of the credit arising from the capital reduction was applied to write off Minmetals Resources' accumulated losses, thus enabling the payment of dividends by the company as and when its board considers it appropriate to do so in future. Deacons acted for Minmetals Resources in this capital reduction application and Mr. Winston Poon, Senior Counsel and Mr. Godfrey Lam of Counsel were instructed to appear in this matter.