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CITIC Dameng launches 2.8b yuan project
By Tong Hao (chinadaily.com.cn)
Updated: 2008-12-22 14:26 CITIC Dameng Mining Industries Limited, China's biggest manganese producer, has started construction of a 2.8 billion yuan ($409 million) alloy materials and non-ferrous metals project, local government said. The plant, which was begun on Dec 19, is located in the port city of Beihai, in South China's Guangxi Zhuang autonomous region. The first phase of the project, which is scheduled to be completed in 3 years with a total investment of 1.3 billion yuan, is designed to produce 240,000 tons of alloy materials a year, according to a report published on Beihai's municipal government website on Dec 22. The second phase, which is designed to produce 100,000 tons of nonferrous metals per year, will cost 1.5 billion yuan. The report did not say when the second phase would commence. The whole project will be operated by CITIC Dameng New Material Co Ltd, a newly-established subsidiary of CITIC Dameng Mining Industries. (For more biz stories, please visit Industries)
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