The newly established State Nonferrous Metals Industry Administration (SNMIA) is to become the ultimate controlling shareholder of Onfem Holdings and Oriental Metals (Holdings). The move came after their previous ultimate controlling shareholder, China National Nonferrous Metals Industry Corp, was disbanded under the government's plan to separate government from commercial enterprises. However, the transfer of the ownership to the SNMIA seems to run contrary to this objective. SNMIA is under the State Economic and Trade Commission in the mainland. Oriental Metals posted a loss of $212.7 million for the year to December, compared with a net profit of $1.2 million previously. Losses per share were 31.05 cents, against earnings per share of 0.22 cent.