Joint Mineral Project to Prospect for Copper

Home>>Business

Last updated at: (Beijing Time) Tuesday, December 03, 2002

Joint Mineral Project to Prospect for Copper

DISCUSSION

CHINESE

SEND TO FRIEND

The largest Sino-foreign co-operative project on metal mineral exploration was signed in Beijing Monday between Ivanhoe Mines Ltd, Pacific Minerals Inc, and the Yunnan Provincial Bureau of Geological and Mineral Exploration.

The joint project will invest US$11 million to prospect copper deposits over an area of 3,000 square kilometres in Southwest China's Yunnan Province.

Canada-based Ivanhoe Mines belongs to Ivanhoe Energy Inc, which formed a strategic alliance with the China International Trust and Investment Corp (CITIC) in October to co-operate in the oil and gas industry in China and worldwide.

The latest co-operation will see the creation of two joint ventures - the Yunnan Xinzhao Copper Mineral Co Ltd and the Yunnan Xindian Copper Mineral Co Ltd.

The two ventures will co-operate in risk exploration, which means they will jointly explore and manage the minerals if any beds they find are valuable.

The geological environment in the area is similar to that in the Keweenaw Peninsula in Michigan in the midwestern United States, one of the world's best-known locations for pure native copper.

This kind of high-quality copper mineral will help satisfy China's large demand for copper, said Robert Friedland, chairman of Ivanhoe Mines Ltd.

China is the world's largest copper importer and needs about 2 million tons every year.

Friedland said Ivanhoe intends to co-operate further with China.

The Oriental Daily also reported that a joint-venture company will be set up between CITIC and Ivanhoe Energy to invest 10 billion yuan (US$1.2 billion) in acquiring an overseas oilfield.

Questions?Comments? Click here

China's Copper Producers to Tap Overseas Mines

East China Province to Expand Copper Production

Nation's Largest Copper Firm Expands International Cooperation

Cabbage Tells Changes of Beijingers' Life ( 12 Messages)

A 'Xiaokang' Society Means Not Merely Money ( 5 Messages)

China Starts Working out Law on Citizen ID Card ( 33 Messages)

Differences between US and NATO Widen: Opinion ( 2 Messages)

Sino-US Relations Improve Despite Neo-realism ( 27 Messages)