Western Mining: Reconstruction and expansion of Yulong Copper Mine to speed up
2018-12-14 17:53:52 [Print]
On December 12, the signing ceremony of syndicated loan for the reconstruction and expansion of Yulong Copper Mine ("the project") was held in Chengdu. Yulong Copper Mine is owned by Tibet Yulong Copper Co., Ltd, a holding subsidiary of Western Mining. The project obtained a syndicated loan of RMB8.184 billion from six banks including China Development Bank Tibet Branch and China Construction Bank Tibet Branch, which marks the acceleration of the project.
The total investment for the phase II project is RMB10.6 billion, and RMB2.4 billion has already been invested. The total investment includes RMB450 million in 2018, RMB3.5 billion in 2019, RMB2.867 billion in 2020 and RMB1.383 billion in 2021.
According to the company, Yulong Copper has been doing well since the completion of phase I project. In the first eleven months of 2018, the company produced 28,500t of copper and generated revenue of RMB1.027 billion.
Western Mining defines the reconstruction and expansion of Yulong Copper Mine as a key project. Upon reaching target production capacity after two to three years of construction, Western Mining predicts that its copper production would increase from 30,000t to 12,000t per year.
The total investment for the phase II project is RMB10.6 billion, and RMB2.4 billion has already been invested. The total investment includes RMB450 million in 2018, RMB3.5 billion in 2019, RMB2.867 billion in 2020 and RMB1.383 billion in 2021.
According to the company, Yulong Copper has been doing well since the completion of phase I project. In the first eleven months of 2018, the company produced 28,500t of copper and generated revenue of RMB1.027 billion.
Western Mining defines the reconstruction and expansion of Yulong Copper Mine as a key project. Upon reaching target production capacity after two to three years of construction, Western Mining predicts that its copper production would increase from 30,000t to 12,000t per year.
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