Oct 16, 2013

Chinese mining giant prepares for a US$800m project in Myanmar

China Non-ferrous Metal Mining Company (CNMC) and Myanmar's Ministry of Mines are working to prepare for a major operation of the US$800 million joint-venture nickel project in Tagaungtaung area, central Myanmar, according to the Ministry of Mining.

The ministry officials and CNMC have formed the central supervisory committee and related sub-committees including that of quality control and that of testing full-blown operation of the mine and refinery plant, the Ministry of Mines said in a press statement.

Located in Tagaung area of Mandalay and Sagaing Regions, Tagaungtaung Nickel and Ferro-Nickel Mine is the largest mining project China has cooperated with Myanmar government in the mining industry, and it is also the largest projects China has invested in neighbouring countries, according to CNMC.

CNMC and the No. 3 Mining Enterprise, under Myanmar's Ministry of Mines signed the agreements for exploration and feasibility survey of the Tagaungtaung project in 2004. After completion of geological survey and feasibility study, the two sides signed the production sharing agreement of the project with an annual output of 85,000 tonnes of ferro-nickel.

Established since 1983, CNMC is one of the large commercial entities under the control of Chinese government.

Source: Eleven Weekly Media