SHANGHAI, Apr. 15 (SMM) – China Development Bank (CDB) signed an agreement with China MMG on April 9th that it will provide MNG with USD 1 billion of financing for its Dugald River lead-zinc-silver mine, with a deadline of 13 years. MMG is a subsidiary of China Minmetals which is listed in Hong Kong and headquartered in Australia. The company is also an international platform of Minmetals concentrated on base metal upstream resource exploration.
Dugald River project is located in northwestern Queensland, Australia, and a world-class large unexplored lead-and-silver mine. Projected ore mining and dressing capacity is 2 million mt/yr, with annual zinc concentrate output containing 200,000 mt of zinc, and lead content of 27,000 mt in lead concentrate output. The project will come online in 2015, with service life of 20 years.