China's nonferrous producers have recently started exploitation in Chifeng city
China's nonferrous producers have recently started exploitation in Chifeng city, Inner Mongolia of northwest China.
The city of Chifeng, which is located in the southeastern area of Inner Mongolia, has been dubbed the "home to nonferrous metals."
According to experts, Chifeng has large prospective reserves of nonferrous metals and precious metals, including 3 million metric tons (tonne) of copper, 15 million tonnes of lead, 20 million tonnes of zinc, 300,000 tonnes of tungsten, 2.5 million tonnes of tin, 3 million tonnes of molybdenum, 300 tonnes of gold and 200,000 tonns of silver, which are valued around 2 trillion yuan based on current commodities market prices.
Over 70 kinds of mineral resources (OOTC:MALRF) and 1,200 ore fields, including 25 large-size ones, have been found in Chifeng by far, Mayor Wang Zhonghe said.
Wang noted Chifeng will build six nonferrous ore fields each with a 10,000-tonne daily mining and dressing capacity by the end of this year.
China's leading metal producers, such as Tongling Nonferrous (000630.SZ), Sino Steel and China Nonferrous Corporation, have extended their foray into the resource-rich city.
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