21. Dec 2009
New mining corporation to expedite key projects in Tibet
(Xinhua) Xinhua reports the establishment of the Tibet Shengyuan Mining Group Corporation, a conglomeration of four companies with registered capital of 200 million Yuan (UK£18m; US$29m; EUR£20m). The corporation's largest shareholder, at 40 percent, is the Tibet Autonomous Regional Mining Development Company. The second largest stakeholder was Jiangnan Mining Co. Ltd. in Lhoka Prefecture with a 30 percent share, followed by the Tibet Autonomous Regional Investment Co. Ltd. with 20 percent, and the Tibet Autonomous Regional Geological and Mineral Development Bureau with 10 percent. The report claims the new company will accelerate the undertaking of key projects, such as the second phase of Tibet's Zabuye lithium mining project and the extension of the Tinggong copper mine project in Nyemo (Chin: Nimu) county, Lhasa.