Hainan Mining to run several mining projects soon

July 11, 2008

July 11th (Steel Guru) – According to Mr Liu Mingdong GM of Hainan Mining, Hainan Mining United Co Ltd a newly start up has already achieved desirable progress in investing in iron ore mines and developing other mineral reserves.

Hainan Mining has already signed framework contract with a Xinjiang based enterprise and intends to acquire that latter’s iron ore reserve of some 20 million tonnes. And it has also detected nearly 100 million tonnes of iron ore reserve in Shilu. The company board has already approved the prospect ion plan. With a total investment of CNY 500 million the project is slated to start operation in 2009. The reserve is expected to produce 3 million tonnes per year of crude ore and 1.4 million tonnes per year of finished ore.

Hainan Mining joint venture together with Shanghai Fosun Group and Sha’anxi Baoti Group is to pour in CNY 1.6 billion to build up a uhligite project. The company estimates that the project would make annual sales revenue of over CNY 600 million.

Hainan Mining 2.4 million tonnes per year ore pellet project has moved ahead quite well. The projects cost CNY 400 million of investment and consist of two stage construction. The company would commence construction of its 2 million tonnes per year ore beneficiation plant next year.

Hainan Mining United Co Ltd is established last year together by Hainan Steel and Fosun Group.

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