Ecuador's copper mine capital increase project approved

China Railway Construction Copper Crown Co., Ltd. Ecuador Copper Mine Capital Increase Project has officially been approved by the Ministry of Commerce a few days ago. The agreement has an overseas investment of 1.72 billion U.S. dollars, which is the largest overseas investment project in the province.

It is reported that China Railway Construction Copper Crown Company is a joint venture established by Tongling Nonferrous Metals and China Railway Construction Co., Ltd. After the China Railway Construction Copper Crown Ecuador Copper Mine Capital Increase Project was approved by the Ministry of Commerce, an actual investment of 40 million U.S. dollars occurred in the current period. At the same time, Tongling Nonferrous Metals purchased a 2% stake in Chinalco International Mining Co., Ltd. for US$50.6 million, and obtained the fixed equity resources of Chinalco's development in overseas copper mines. The actual investment of the two projects totaled 90.6 million U.S. dollars, accounting for 87.2% of the province's total, prompting the province's foreign investment rankings to leap to the first place in the country.

The enterprises such as Tongling Nonferrous Metals and China Railway Construction Copper Crown Company continued to open up overseas markets and seize resource highlands, giving full play to the piloting role of state-owned enterprises as the main force for foreign investment, and laying a solid foundation for the development of foreign economic cooperation businesses in the province and in Tongling City. In the first two months of this year, the actual foreign investment in Tongling reached 91.3 million U.S. dollars, ranking the first in cities in the province.