Jiangxi Copper Invests RMB 3.66 bln in Developing Rare Earth Mines

SHANGHAI, Jan. 13 (SMM) -- According to the company sources, Jiangxi Copper Company has signed a corporation agreement with Sichuan Mining Investment Group to develop rare earth resources in Maoniuping, Mianning county, Sichuan province. The project started construction on January 8th.

Rare earth reserves in Mianning region are 1.57 million mt. In June 2008, Jiangxi Copper Company acquired the exploration license for the 2.94 square kilometers' rare earth deposit at the price of RMB 430 million. After the preparation work in more than one years, the company has started the construction phase.

The project will be divided into two phases. The investment for the 1st phase, will be RMB 2.06 billion, with construction scheduled to be completed at the end of 2011. The investment for the 2nd phase will be RMB 1.6 billion, to be completed in 2015.

(Edited by SMM)