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Minmetals teams up with Poland's KGHM to develop nonferrous metals resources

Published by MAC on 2007-09-15

Minmetals teams up with Poland's KGHM to develop nonferrous metals resources

Interfax China Metals

15th September 2007

The China Minmetals Corp. has concluded a strategic cooperation framework agreement with Poland's KGHM Polska Miedz SA, the world's sixth largest copper supplier, to jointly develop both domestic and overseas nonferrous metal resources, a company official told Interfax Thursday.

"The two companies have pledged to jointly develop nonferrous metal mines in China, Poland and other countries worldwide. The framework agreement demonstrates that the two companies are in the early stages of cooperating over nonferrous metal deposit development, and no specific projects have been nailed down yet," a Minmetals press department official, who asked to remain anonymous, said.

"The two companies are considering exploring a new nonferrous mine in the Inner Mongolia Autonomous Region," according to Krzysztof Skora, chairman and chief executive officer of KGHM

For its part, Minmetals says it considers KGHM to be the most suitable partner for copper mine development, since the two companies have developed a high degree of trust over 10 years of cooperation. .

KGHM has been supplying refined copper to China through Minmetals since 1997. In May this year, Minmetals signed a contract worth $300 million with KGHM for the supply of 40,000 tons of copper.


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