June 30, 2008
A "Technology renovation" increasing production capacity to 5,000t/d of copper concentrate was under construction. The project will produce 12,800 t of copper, 171,000 tonnes of sulfur, 218kg of gold and 7,512kg of silver per annum.
December 31, 2007
Technology renovation project for expanding the processing capacity of Wushan Copper Mine to 5,000 tonnes per day underway. The Company intended to invest RMB257.32 million in the project, of which RMB120.24 million will be financed through last raised proceeds and RMB137.08 million will be financed by self-funding. During the reporting period, RMB66.16 million was invested in the project by proceeds from non-public issue of A Shares and RMB129.15 million was invested by self-funding. As at the end of the reporting period, a total of RMB195.31 million was invested, representing 75.90% of total investment in the project. As the project is to expand the existing capacity of Wushan Copper Mine, upon completion and achieving its production targets, the current mining and production capacity of Wushan Copper Mine will increase from 2,000 tonnes per day to 5,000 tonnes per day. It can provide copper concentrates containing 12,800 tonnes of copper, 218 kg of gold, 7,512 kg of silver, 171,000 tonnes of sulfur as well as sulfur concentrates of 331,900 tonnes (containing 132,700 tonnes of sulfur).