It is reported that Jinchuan Group Limited will accelerate its investment in overseas mineral resources. The group has announced that its after-tax profit reached CNY 6.016 billion last year.

As China's biggest nickel and cobalt producer, Jinchuan Group has an annual production capacity of 100,000 tonnes of nickel, 400,000 tonnes of copper, 10,000 tonnes of cobalt, 3,500 kilograms of platinum group metals, 8 tonnes of gold, 150 tonnes of silver, 50 tonnes of selenium and 1.5 million tonnes of chemical products. Its nickel output increased

Mr Li Yongjun board chairman of Jinchuan Group said compared with its overseas competitors, such as giants in Canada, Russia and Australia, Jinchuan Group still needed to raise competitiveness

Analysts point out the group pours investments to overseas countries owing to scant non ferrous mineral resources in China. Despite retained nickel reserve of 4.5 million tonnes retained copper reserve of nearly 3 million tonnes and mine life of more than 50 years.

An official from the group has unveiled it plans to pour over CNY 1 billion to buy copper and nickel mines in overseas countries. The group is expected to produce 120,000 tonnes of nickel and 300,000 tonnes of copper this year.

(Sourced from MySteel.net)