Metallurgical Corporation of China explained

Metallurgical Corporation of China
Native Name:中国冶金科工股份有限公司
Traded As: (A-shares)
HKEX: (H-shares)
Type:Public
Industry:Mining, Real Estate
Founded:2008
Hq Location City:Beijing
Hq Location Country:China
Area Served:Worldwide
Key People:Guo Wenqing (国文清) (Chairman)
Revenue Year:2014
Net Income Year:2014
Assets Year:2014
Equity Year:2014
Parent:China Metallurgical Group Corporation (64.18%)[1]
Owner:Central Government of China (indirect)
General Public
Website:www.mcc.com.cn
Metallurgical Corporation of China Limited
S:中国冶金科工股份有限公司
T:中國冶金科工股份有限公司
P:Zhōngguó yějīn kē gōng gǔfèn yǒuxiàn gōngsī
Order:st

Metallurgical Corporation of China Limited is a listed company in Shanghai and Hong Kong stock exchanges. It is a subsidiary of China Metallurgical Group Corporation (MCC). In the past Baosteel Group was a minority shareholder.[2]

Operations

Saindak Copper-Gold Project (SCGP) in Pakistan

SCGP is a copper mining project owned by Government of Pakistan. The MCC Holding Hong Kong Corp. Ltd. and MCC Petroli Hong Kong Corp. Ltd. constructed the project under agreement with Government of Pakistan from 1990–1995 on turnkey basis. The project remained idle up to 2002, when Pakistan's government sought for foreign investors to provide funding for the project. The MCC won the bidding for a 10-year lease up to October 2012 and started the commercial production of the SCGP.[3] The agreement was further extended for a period of 5 years up to October 2017.[4] The agreement was again extended for another period of 5 years up to October 2022.

Copper mining in Afghanistan

In 2007, China Metallurgical Group Corporation won the bidding for the price of US Dollars 909 million. Presently it is moving ahead with a copper mining project in Aynak, Afghanistan. In December 2009 there were about 3000 Afghan workers and about 70 Chinese engineers on site.[5]

As of 2021, the project is not yet starting the construction phase.[6]

Nickel mining in Papua New Guinea

Ramu NiCo Management (MCC) Limited ('Ramu NiCo') is currently constructing a nickel mine in mountains above the Ramu River and processing plant on the Rai Coast of the Madang Province of Papua New Guinea. Ramu NiCo's web site says the company is 'sponsored by' China Metallurgical Group Corporation and that at US$1.4 billion its project is China's largest overseas mining investment. The company says the project has a total reserve of 140 million tons of nickel and will have a mine life of 40 years.[7]

The project has sparked controversy over its deep sea tailings disposal plan, previously approved by the PNG Department of Environment and Conservation, and blasting work to build the outlet was halted by an injunction in the National Court of Papua New Guinea on 19 March 2010.[8] [9]

External links

Notes and References

  1. http://www.mccchina.com/Article/MCCUPLOAD/201504/2015040216483931.pdf 2014 annual report
  2. News: Reuters . 2009-09-24 . Metallurgical Corp. of China Shares Fall on Hong Kong Listing . 2024-06-20 . The New York Times . en-US . 0362-4331.
  3. News: Saindak Copper-Gold Project: Govt moves to transfer ownership to Balochistan - The Express Tribune. 2013-10-27. The Express Tribune. 2017-03-06. en-US.
  4. News: Balochistan likely to demand Saindak handover. The Nation. 2017-03-06. en-US.
  5. News: Spiegel. 52. 2009. Christian Neef.
  6. News: Zhōngguó zhōngyě: Āfùhàn àinàkè tóngkuàng xiàngmù zànwèi shízhíxìng kāigōng jiànshè. zh:中国中冶:阿富汗艾娜克铜矿项目暂未实质性开工建设. 20 August 2021. 29 September 2021. eastmoney.com. zh-cn.
  7. Web site: Home . ramunico.com.
  8. Web site: Landowners get temporary injunction to stop construction work. 20 March 2010.
  9. Web site: Swanepoel . Esmarie . 22 March 2010 . Court injunction halts Ramu's underwater tailings displacement facility . https://web.archive.org/web/20160304050616/http://www.miningweekly.com/article/court-injunction-halts-ramus-underwater-tailings-displacement-facility-2010-03-22 . 2016-03-04.