Dameng Manganese To Develop Indonesian MinesPublished by MAC on 2005-08-15
Source: Interfax China Metals ()
Dameng Manganese to develop Indonesian mines
Guangxi Dameng Manganese Co. Ltd. recently reached agreements with several Indonesian companies for the development of mineral resources in Indonesia, according to a Chongzuo Municipal Economic and Trade Commission announcement on May 21. Dameng Manganese will invest $40 million to jointly develop copper and molybdenum reserves with Aijia Mining Industry in Indonesia's Kalimantan State and also intends to invest $30 million in a joint nickel-project with Indonesian Precious Stone and Energy Co. Ltd.
Also, Dameng Manganese has plans to collaborate with Jiawang Group to develop manganese resources in Kalimantan State, and will invest funds to acquire a 50 percent stake in the project.
When reached by Interfax, a Dameng Manganese official, who asked to remain anonymous, declined to comment on the project.
Dameng Manganese's first step in solidifying its Indonesian plans was through the establishment of its first overseas office, the Dameng International Resource Investment Company, in Indonesian capital Jakarta last Tuesday.
Dameng Manganese was established in the city of Nanning, in Guangxi Province in 2001 as a state-run manganese miner and manufacturer. Currently, the company's total assets amount to RMB 650 million ($84.80 million).
It is a leading global manganese sulphate manufacturer with a capacity of 40,000 tons per annum and produces 30,000 to 40,000 tons of natural manganese dioxides per annum, accounting for 50 percent of the market share in China.
In August 2005, Dameng Manganese established a manganese mining and processing joint venture with CITIC Resources in Chongzuo City. CITIC Resources acquired a 60 percent stake by investing RMB 300 million ($39.14 million) in cash with Dameng Manganese contributed the remaining RMB 200 million ($26.09 million) in the form of fixed assets.
Note: Indonesian company names are based on the transliteration of their Chinese names.