TISCO's Largest Oversea Investment Turkish Chrome Mine Project Launched (Picture)

Picture illustrates that representatives from three parties touch optic-electric ball to formally launch the Turkish chrome mine project.
Photoed by Bai Zhibin

The morning of October 25, launching ceremony of Turkish chrome mine project is held in Garden Hall, Garden International Hotel. The project is jointly invested by three parties of Taiyuan Iron & Steel (Group) Co., Ltd., Jinzhong Wanbang Industial and Trade Co., Ltd., and Turkey CVK Group. This marks the largest foreign investment project - Turkish chrome mine project , not only in TISCO, but in Shanxi Province, officially started.

TISCO representatives attending the ceremony are: Chairman Li Xiaobo, vice chairman, party secretary Yang Haigui, group president Hu Yuting, chief accountant Zhou Yizhou, deputy president Qin Tongwen, business director Wang Lianghu; representatives from CVK Group Turkey are: Turkish shareholders Fatih, Tulug Akal, Ibrahim Sungur, East, west and south joint venture general manager Merve Harzadin Saha, East, west company deputy general manager Tevfik Fikret Ahatoglu, South company deputy general manager Huseyin Cinar, West mining area manager Eyup Korkmaz, and Mr. Vahit Kayrici; Jinzhong Wanbang representatives: Chairman Liu Genquan, Wanyang general manger Yang Lijun, joint venture auditor Zhang Jing, Li Yingjie. Shanxi Provincial Development and Reform Commission, the SASAC relevant leaders and representatives of TISCO related businesses attended the ceremony.

In early 2008, TISCO, Jinzhong Wanbang and CVK Group, Turkey, started consultations on issues of cooperation over Turkey chrome mine project. After more than a year of friendly communications and negotiations,TISCO and Jinzhong Wanbang funded a successful transferee of Turkey CVK Group, 50% stake. And three parties established a JV to jointly implement the Turkish chrome mine development projects. This is currently the largest overseas investment projects of TISCO, as well as in Shanxi Province. This is also China's project with largest single investment in Turkey. The successful implementation of the project, not only created out of a most competitive Industial chain from chrome mining, ferro chrome manufacturing to stainless steel production, but will also play a very important role in promoting the sustainable development of these three enterprises, and economic development between China and Turkey.

Li Xiaobo said in his speech, CVK Group is Turkey's largest chrome mining operator and exporter, TISCO is the stainless steel enterprise with largest production capacity, most advanced process, technology and equipment, most complete varieties and specifications of stainless steel products in the world, Jinzhong Wanbang is a strong ferro chrome producer and TISCO s key ferro chrome supplier. Three parties jointly develop CVK Group s west, south, east chrome mine resources in Turkey, and establish a joint venture, which has further consolidated and expanded the tripartite strategic alliance. As JV's largest shareholder, TISCO hopes that the tripartite shall take today's launch of the project as a new starting point, conscientiously perform their respective responsibilities and obligations, further strengthen communication and consultation, strengthen the management and cultural integration, support and to ensure the new company s standard operation, so that shareholders of cooperation may achieve win-win situation, and jointly create a bright future.

Co-shareholders said, TISCO, Jinzhong Wanbang and Turkish CVK Group, this partnership is the most competitive combination. The successful signing and official launching of Turkish chrome mine project, marks the tripartite cooperation has entered a new phase. They believe that the joint efforts of the tripartite will make the joint venture bigger and stronger, and Turkish chrome mine cooperative projects will proceed in a planned and orderly way.