ONFEM Holdings is to make a three million yuan (about HK$2.66 million) advance to its new mainland associate Huatong Copper Ore, an indirectly wholly owned subsidiary of China National Non-ferrous Metals Import and Export Corp (CNNC). Onfem had been called Laws Property Holdings until it was targeted for a high-profile back-door listing last year by CNNC. Under the agreement, Huatong will repay the loan on December 31 at an annual interest rate of 18 per cent, plus a 10 per cent premium. Onfem has the option to invest in the mining and related operations of Huatong, which is principally engaged in copper and gold mining. The investment by Onfem, should it choose to exercise this option, is not expected to exceed HK$10 million.