| China firm wins bid for Afghan copper |
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| Wednesday,November 21,2007 Posted: 18:34 BJT(34 GMT) |
| From:chinadaily.com.cn Article type:Reproduced |
China Metallurgical Group has won the right to develop a large copper deposit in Afghanistan, Ibrahim Adel, the Afghan mines minister, announced Tuesday.
The copper mine, with an estimated copper reserve of 13 million tons, is located to the east of Kabul, the capital of Afghanistan.
The projected investment in this copper deposit totaled US$3 billion. China Metallurgical Group will spend five years in construction, and then pay an annual US$400 million to the Afghan government by operating the mine.
Ibrahim Adel said: "It is the largest foreign investment ever in Afghanistan's history, a total of 100,000 Afghans will find job in this mine."
"We estimated that the copper reserve totals 13 million tons, and it might increase to 20 million tons," he added.
The Chinese State-owned metallurgical group plans to yield 200,000 tons copper annually from the mine.
This copper mine was discovered in 1974 and detected by soviet geologists in 1979. However, it has never been developed due to years of civil wars.
The Chinese offer beat other four bids, from Strikeforce, part of Russia's Basic Element Group, the London-based Kazakhmys Consortium, Hunter Dickinson of Canada and US copper mining firm, Phelps Dodge.
The Chinese group said it has already invested US$1 billion in overseas mining resources.
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