China's Norinco Signs Myanmar Copper Mine Contract to Strengthen Reserves-Shanghai Metals Market

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China's Norinco Signs Myanmar Copper Mine Contract to Strengthen Reserves

Industry News 08:54:05AM Jun 24, 2010 Source:SMM

Jun 23, 2010 (Bloomberg) - China North Industries Corp., a Beijing-based engineering and defense company, signed a copper mining contract in Myanmar that it said will strengthen China's strategic reserves of the metal.

The Chinese company, also known as Norinco, made the agreement during a visit to Myanmar by Chinese Premier Wen Jiabao and Norinco Chairman Zhang Guoqing, the company said in a statement dated June 10 posted on its website. Financial terms of the mining contract weren't disclosed.

China, the world's largest metals consumer, this week indicated it will abandon the two-year-old dollar peg of its currency, the yuan. A rising Chinese currency may boost China's purchasing power and increase imports.

Norinco also signed cooperation agreements in Myanmar, the country formerly known as Burma, related to chemical production- line renovations and port, wharf, rail and hydropower projects, according to the statement. Norinco's mine contract was reported earlier by the Wall Street Journal.
 

China's Norinco Signs Myanmar Copper Mine Contract to Strengthen Reserves

Industry News 08:54:05AM Jun 24, 2010 Source:SMM

Jun 23, 2010 (Bloomberg) - China North Industries Corp., a Beijing-based engineering and defense company, signed a copper mining contract in Myanmar that it said will strengthen China's strategic reserves of the metal.

The Chinese company, also known as Norinco, made the agreement during a visit to Myanmar by Chinese Premier Wen Jiabao and Norinco Chairman Zhang Guoqing, the company said in a statement dated June 10 posted on its website. Financial terms of the mining contract weren't disclosed.

China, the world's largest metals consumer, this week indicated it will abandon the two-year-old dollar peg of its currency, the yuan. A rising Chinese currency may boost China's purchasing power and increase imports.

Norinco also signed cooperation agreements in Myanmar, the country formerly known as Burma, related to chemical production- line renovations and port, wharf, rail and hydropower projects, according to the statement. Norinco's mine contract was reported earlier by the Wall Street Journal.