SHANGHAI, Jul. 24 (SMM) - A subsidiary of Tongling Nonferrous Metals Group has received local government approval in Anhui for a 2-billion-yuan ($324-million) copper mining project.
Anhui Tongguan (Lujiang) Mining Co. has been approved to mine copper from Hefei’s Shaxi mine, which has an output capacity of 3.3 million tpy, the provincial government of Anhui said on its website earlier this month.
The mine is expected to yield copper concentrates of 77,200 tpy with a grade of 20%, as well as some gold and silver credits too, it said.
Anhui Tongguan will supply 699 million yuan of the investment needed and apply to bank loans for the rest, it added.