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SHANGHAI, Dec. 27 (SMM) – North Korea’s Zhang Chengze event might undermine Wanxiang Group’s 500-million-yuan ($81.6 million) investment in Huishan copper mine, according to a report by the business magazine China Entrepreneur.
Back in 2004, Wanxiang Group’s chairman Lu Guanqiu started investing in Huishan copper mine with a joint venture company Sino-Mining International Investment Co. and added up total investments to 560 million yuan over the years, according to the report.
The mine, said to have a copper reserve largest in Asia and located just 10 kilometers from the China-North Korea border, was put into production in 2011. Yet daily operations met with many political hurdles since, the report said.
Zhang Chengze, North Korea’s young leader Kim Jeong-eun’s uncle and close aid with a pro-China view, was executed by Kim earlier this month.
