SHANGHAI Sep. 14 (CBI China)--On August 31st, Luoyang Yongning Gold & Lead Smelting Company broke ground on its 150kt p.a. smelting project. Total investment in this project is forecast at RMB 490 million.
At optimal operating rates, the first phase of the project will be able to produce on an annual basis, 80kt of lead, 2.2mt of gold ingot, 218mt of silver ingot, and 86kt of sulfuric acid. The first phase of the project should be able to realize RMB 1,594 and RMB 243 million in annual sales and profit, respectively. Luoyang Yongning is a joint venture of China Molybdenum Company, Henan Fa Ende Mining Company, and Henan Luoning Huatai Mining Company.