Chinese mining group Tibet Mining has announced that it plans to invest RMB 12 million ($1.9 million) in exploration for additional chrome iron ore reserves in Luobusha, Tibet, in cooperation with the Information System and Management Institute of the National University of Defense Technology (NUDT) of China.
According to Tibet Mining's statement, as existing reserves of chrome iron ore in Luobusha will decline in line with ongoing mining activity, the company finds it necessary to carry out exploration for further chrome iron ore reserves in Luobusha, the largest chrome iron ore deposit in China.