According to a statement issued on November 23 by the Department of Land and Resources of China's Hebei Province, Chinese steelmaker Hebei Iron and Steel Group Corporation Ltd has brought the task of integration of mineral resources to a close in the Great Bay mining area of Laiyuan County, Hebei. Laiyuan Country possesses reserves of 220 million mt of molybdenum ore.
Hebei Steel Group subsidiary Laiyuan Zinc and Molybdenum Mining Corporation Ltd has already started the preliminary task of development and construction of the mining area in question, which will be formally started at the end of 2010. The total investment in the construction is expected to reach RMB 1.3 billion ($195 million) and the construction period will last two and a half years. Upon completion, 3.6 million mt of molybdenum ore will be processed annually and 8,000 mt of molybdenum concentrate will be produced per year.
"There are rich nonferrous metal resources in Laiyuan County, with goods prospects for exploration," said Tian Zejun, general manager of Laiyuan Nonferrous Metal Corporation Ltd. "In addition, Laiyuan County has approximately 1 million mt of copper and 500 million mt of iron ore resources. Currently, Hebei Province lacks a large-scale, modern nonferrous metals enterprise. Thus, we will in three to five years build a first class nonferrous industrial base in Hebei Province,' Mr. Tian added.