February 04, 2012 -- Updated July 19, 2010 15:51 HKT
China National Gold’s Tibet mining project in production
China National Gold Group (CNGG) said Monday the 1st phase of its Gyama polymetallic mine in Lhasa, capital of the Tibet Autonomous Region, began production Monday, giving a boost to economic development in the mineral-rich region.
Located in Meldro Gungkar County, the first phase of the project has an expected daily output of 6K tonnes.
CNNG subsidiary Tibet Huatailong Mining Development Co. started construction on the 8B Yuan (US$1.18B) project in Y 2008. The mine will eventually have a daily output of 15,000 tonnes, but the company did not say when.
The company will pay up to 700M Yuan per year in taxes once the whole project is operational, according to the company.
Hao Peng, deputy secretary of the Chinese Communist Party regional committee in Tibet, said the project will promote economic development in Tibet and help meet China’s soaring demand for non-ferrous metals.
Sun Zhaoxue, CNGG general manager, said the company invested 250M Yuan in work safety and environmental protection for the project.
CNGG, China’s largest Gold producer, has more than 1,300 tonnes of Gold reserves, 8M tonnes of copper reserves and 1.2M tonnes of molybdenum reserve. —Paul A. Ebeling, Jnr. www.livetradingnews.com
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