September 06, 2008

Hunan Nonferrous raises CAPEX and eyes overseas projects

According to Mr Chen Zhixin finance controller of Hunan Nonferrous Metals Corp Ltd, Hunan Nonferrous Metals Corp Ltd China’s top zinc producer will raise its capital expenditure to at least CNY 2.5 billion to CNY 3.0 billion in 2008 from CNY 1.7 billion in 2007.

Hunan Nonferrous Metals Corp Ltd is also stepping up its moves into overseas projects, as it awaits Beijing’s approval to invest in Canada’s North American Tungsten Corporation Ltd.

Mr Liao Luhai executive director of Hunan Nonferrous’s said that his company is also in talks with two other mining firms in Canada on acquiring shares and is waiting for approval from Chinese regulators to invest in a tungsten product plant in Japan.
Hunan Nonferrous also holds an interest in Australia’s ABRA Mining Ltd which owns lead, zinc, gold and silver deposit in Western Australia.