Zijin Mining to Build 200,000t/y Copper Project

Zijin Mining Group Co., Ltd and its largest shareholder Minxi Xinghang announced Friday to each invest 500 million yuan to launch a new company which will build a 200,000 tons/year copper project in east China's Fujian Province.

The Fujian-located Zijin Mining in southeast China is mainly engaged in exploration and development of gold and base metals.

The proposed project requires a total investment of 2.614 billion yuan, with 2.096 billion yuan for fixed assets and 518 million yuan for initial working capital.

According to the plan, the project will annually generate 190,000 tons of pure cathode copper, 10,000 tons of standard cathode copper, 730,000 tons of sulphuric acid, 4.5 tons of gold and 113 tons of silver as auxiliary products.

Under the current economic slowdown, investing costs have lowered with decrease in prices of building materials, equipment as well as construction, according to the board of Zijin Mining.

Construction of the project is scheduled to last 36 months.