Metal Products News
- Yulong copper mine delays construction
Date: 15-Dec-2006 Sources: (Shenzhen Daily)
CONSTRUCTION at the Yulong copper mine, which has China's largest proven copper reserves, has been delayed possibly till mid-2007, as the company hasn't received all the necessary government approvals, a company official said Wednesday.
The reserves are located in an area of dense forest in the Tibet Autonomous Region, close to the Himalayas, and contain more than one-tenth of China's reserves of the metal, a crucial ingredient in the country's development and industrialization.
Construction of the mine was initially set to start in May this year and was postponed to the end of the year. But a prolonged government examination process has delayed the plan again.
'We expect to begin construction in May or June next year, after receiving the approval from the National Development and Reform Commission (NDRC),'said an official with Yulong Copper Co., who declined to be named.
Yulong Copper Co. is a consortium of five entities including Western Mining Co., which holds a majority 41 percent stake, and Zijing Mining Group Co., which holds a 39 percent stake.
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