Finance Lizard.....
I will dig up some other figures, this is a start. The large mines are about 1.5 million to install ipmine. Small to medium sized mines are 500k to 1 million depending on size. The numbers are estimated on a 1% cut out of the deal on Chinas state owned mines, to be a Billion ++++ I will find more for you.
Mine-safety has been a major issue in the Chinese mining industry. More than 6,000 miners died in accidents in China last year, according to previously released Chinese government figures. Independent estimates say the real figure could be as high as 20,000. In March 2005, Chinese Premier Wen Jiabao said that the government will spend this year US$361 million on "safety technologies upgrading" at selected state-owned coal mines. In February 2005, the Chinese State Administration of Work Safety (SAWS) mandated US$6.3 billion to be spent over the next three years to improve mine-safety. According to SAWS, the US$6.3 billion will bring safety systems and equipment in line with national standards. SAWS said that China reported 80 per cent of the world’s total coal mining-related deaths, although it produced only 35 per cent of the world’s coal.
China’s mining industry ranks third in the world. According to MBendi, China has about 80,000 state-owned mining enterprises and 200,000 collectively owned mines. Coal mining is by far the largest; there are over 25,000 coal mines in China of which 600 are state-owned. iPMine’s revenue potential is significant in China. “iPackets is well positioned to capture a substantial market share of this multi-billion dollar industry over the next 36 months,” said Naiel Kanno president & CEO of iPackets.
iPackets’ iPMine go-to-market strategy is to become a dominant solution provider in wireless-based mine-safety and communication solutions, with a global presence. Our initial focus is China and we will expand into the rest of Asia, East Europe, Latin America, and other markets as the opportunities arise. To leverage our rapid growth, it is imperative to pursue direct and indirect sales channel strategy. iPackets is currently in the final discussions with a local Chinese partner to act as its exclusive master agent in China for the iPMine product.
