Investors signed an agreement here Wednesday to set up the Yulong Copper Industry Joint-Stock Companyfor tapping a major copper mine in Tibet, southwest China.

The copper mine, located in Yulong Township, Jomda County of Qamdo Prefecture, has 6.5 million tons of proved copper reserves, the country's largest.

The joint venture has a registered capital of 625 million yuan (75 million US dollars) and is composed of five Chinese entities, including Qinghai West Mining Co., Ltd., Tibet Mining Development Corporation and Zijin Mining Group based in Fujian Province.

Jin Shixun, deputy director of the Tibet Development and ReformCommission, said construction of the mine is scheduled to start atthe end of September.

The mine is expected to go into operation within three years, Jin said.

Source: Xinhua