Cnmc's Nickel Mine Project Still Awaiting Burmese Government ApprovalPublished by MAC on 2007-09-15
CNMC's nickel mine project still awaiting Burmese government approval
China Nonferrous Metal Mining Group Co. Ltd. (CNMC) is still awaiting Burmese government approval for its Tagaung Taung nickel mine project, a CNMC official told Interfax on June 12.
The mine is located in the northern Burmese province of Mandalay and contains approximately 40 million tons of lateritic nickel ore, at an average nickel content of 2.02 percent. The mine also contains nickel silicate-associated chromite, according to information provided by the Burmese government's Ministry of Mines.
"Construction was initially scheduled to commence in September 2007. However, this is all dependent on when we gain Burmese government approval, which may not be till the end of the year," Li said.
A CNMC press department official, surnamed Wang, expressed concern that Burmese government approval might not be forthcoming due to the current high nickel price.
The Tagaung Taung nickel mine has a planned investment of $600 million and is designed to have an output of 22,000 tons of nickel and 85,000 tons of ferronickel per annum, according to Li.
CNMC holds a 75 percent stake in the Tagaung Taung nickel mine and Burma No. 3 Mining Company holds the remaining 25 percent along with mine exploration rights.