Metallurgical Corporation of China Limited

Metallurgical Corporation of China Limited
Public
Traded as SSE: 601618
SEHK: 1618
Industry Mining, Real Estate
Founded 2008
Headquarters Beijing, China
Area served
Worldwide
Key people
Guo Wenqing (国文清) (Chairman)
Revenue Increase CN¥215,785,772,000 (2014)
Increase CN¥3,964,938,000 (2014)
Total assets Increase CN¥325,978,479,000 (2014)
Total equity Increase CN¥47,337,257,000 (2014)
Owner Central Government of China (indirect)
General Public
Parent China Metallurgical Group Corporation (64.18%)[1]
Website www.mcc.com.cn
Metallurgical Corporation of China Limited
Simplified Chinese 中国冶金科工股份有限公司
Traditional Chinese 中國冶金科工股份有限公司

Metallurgical Corporation of China Limited is a listed company in Shanghai and Hong Kong Stock Exchange. It is a subsidiary of China Metallurgical Group Corporation (MCC). In the past Baosteel Group was a minority shareholder.

Saindak Copper-Gold Project (SCGP)

SCGP is a copper mining project owned by Government of Pakistan. The MCC Holding Hong Kong Corp.Ltd. and MCC Petroli Hong Kong Corp.Ltd. constructed the project under agreement with Government of Pakistan from 1990-1995 on turnkey basis. The project remained idle up to 2002. Again the MCC won the bidding and started the commercial production of the SCGP. The starting date was 16-Oct-2002. MCC is running the project successfully since its start. The initial operational agreement between MCC and Government of Pakistan was for 10 years up to 15-Oct-2012. The agreement further extended for a period of 05 years i.e. up to 15-Oct-2017. MCC is running this project through its subsidiary MRDL (MCC Resources Development Company Pvt Limited) registered with Securities and Exchange Commission of Pakistan.[2]

Copper mining in Afghanistan

In 2007, China Metallurgical Group Corporation won the bidding for the price of US Dollars 909 million. Presently it is moving ahead with a copper mining project in Aynak, Afghanistan. In December 2009 there were about 3000 Afghan workers and about 70 Chinese engineers on site.[3]

Nickel mining in Papua New Guinea

Ramu NiCo Management (MCC) Limited ('Ramu NiCo') is currently constructing a nickel mine in mountains above the Ramu River and processing plant on the Rai Coast of the Madang Province of Papua New Guinea. Ramu NiCo's web site says the company is 'sponsored by' China Metallurgical Group Corporation and that at US$1.4 billion its project is China's largest overseas mining investment. The company says the project has a total reserve of 140 million tons of nickel and will have a mine life of 40 years.[4]

The project has sparked controversy over its deep sea tailings disposal plan, previously approved by the PNG Department of Environment and Conservation, and blasting work to build the outlet was halted by an injunction in the National Court of Papua New Guinea on 19 March 2010.[5][6]

References

This article is issued from Wikipedia - version of the 10/27/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.