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Mining reserves of China Minnmetals records

(Xinhua)
Updated: 2007-02-07 15:55

China Minmetals Corporationsaw record high of mining reserves last year, with near 600 million tons of iron and 385,000 tons of tungsten, sources with the company said Tuesday.

The total turnover of the company hit 18.9 billion U.S. dollars in 2006, the third year in a row with turnover exceeding 15 billion U.S. dollars, according to the annual company meeting held in here Tuesday.

The company has made headways on reducing dependence on export. Profits from domestic subsidiary companies took up more than half of the total profits last year.

The company has been actively expanding overseas cooperation to secure material supply. It signed a 2 billion U.S. dollars deal with Chile's Corporation National of Copper, which promised to provide 850,000 tons of Copper Cathode in the next 15 years.

It also established long-term ties with mining giants like Companhia Vale do Rio Doce and South Africa's Palabora Mining Company Limited on iron ore supplies, and won exploiting rights in Jamaica, Bolivia last year.

As China's largest producing and trading group of metals, minerals and electrical products established in 1950, the company's total turnover approached 17.78 billion U.S.dollars in 2005.