Hunan Nonferrous to expand mineral resource development - president

Hunan Nonferrous to expand mineral resource development - president

Hong Kong-listed Hunan Nonferrous Metals Co. Ltd. will expand its mineral resource developments both in China and overseas in order to increase its profitability, He Renchun, the company's president, told Interfax on April 16 in Shanghai.

...Hunan Nonferrous is currently in discussions with Australia's King Island Sheelite Co. Ltd. over a joint tungsten mine development project on King Island, located off the coast of the Australian state of New South Wales.

At the same time, the company is seeking to cooperate with Thor Mining Plc. to develop tungsten and molybdenum mines in Australia's Northern Territory, He said.

The company is also planning to set up a joint venture to develop Australian Compass Resources Ltd.'s nonferrous metal resources, including copper, tungsten, lead and zinc, in the Northern Territory. Hunan Nonferrous currently owns roughly 10 percent of Australian Compass Resources, making it the company's second largest shareholder.

At present, the company also owns a 49 percent stake in Pakistan's Duddar Lead & Zinc Mine project. China's Metallurgical Construction Corporation controls the remaining 51 percent stake.

The project aims to produce 100,400 tons of zinc concentrate (54 percent grade zinc) and 32,600 tons of lead concentrate (64 percent grade lead) per annum.

[Interfax China Metals, 20 April 2007]