China's largest stainless steel maker invests in Myanmar nickel mine

14:47, July 30, 2010      

Email | Print | Subscribe | Comments | Forum 

Taiyuan Iron and Steel Group (TISCO) signed an agreement with China Nonferrous Metal Mining Group (CNMC) on July 26 to jointly develop the Tagaung Taung nickel mining project in Myanmar, according to an announcement on TISCO's Web site on July 29.

CNMC Nickel, a wholly-owned subsidiary of CNMC, was previously in charge of developing the Tagaung Taung nickel mine. After signing the agreement, TISCO will inject capital into CNMC Nickel to acquire a certain share in the increased capital stock.

The Tagaung Taung nickel mine marks the largest mining project in which China has ever cooperated with Myanmar. The mine has a reserve of more than 30 million tons of high-grade nickel ore containing some 700,000 tons of nickel.

The project, which will be in operation from 2011 to 2031, will attract an investment totaling 800 million U.S. dollars and produce 85,000 tons of nickel-iron containing 22,000 tons of nickel a year. In addition, the construction of mining, smelting and service facilities is well under way.

Nickel is a scarce strategic resource for almost all countries, and China is no exception. TISCO, the world's largest stainless steel manufacturer, alone consumes at least 100,000 tons of nickel a year.

"As the most important raw material for stainless steel production, nickel takes up a large portion of production costs," said Zeng Jiesheng, an analyst at MySteel.com, a steel market research and analysis firm.

TISCO said that the Tagaung Taung nickel mine project will greatly alleviate China's nickel shortage and reduce domestic stainless steel producers' risks from fluctuations in nickel prices, and it is actively carrying out mining projects in the Philippines, Indonesia, Australia and other countries.

By People's Daily Online

(Editor:祁澍文)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion