China Metallurgical buys Afghanistan copper mine
22 November 2007
China Metallurgical Group Corp (MCC), a major state-owned mining company, announced that it has won a bid for priority exploration rights in Afghanistan's Aynak copper mine, Economic Observer reported (in Chinese). The amount paid for the tender was not disclosed. China Metallurgical will invest US$3 billion in the development of the project over the next several years. China's main mining firms have been seeking to acquire overseas mineral resources to meet growing domestic demand. The country's consumption of copper reached 4 million metric tons last year, accounting for 22% of global supply.