17 Sep 2009 13:43

Guangxi Nonferrous sets up subsidiary to explore iron ore and manganese resources

Shanghai. September 17. INTERFAX-CHINA - Guangxi Nonferrous Metals Group Co. Ltd. recently set up a metallurgical subsidiary to explore iron ore and manganese resources in the Guangxi Zhuang Autonomous Region, according to an announcement by Guangxi Nonferrous' subsidiary China Tin Group on Sept. 17.

The subsidiary was established with a registered capital of RMB 100 million ($14.65 million) and it is also set to acquire iron ore and manganese resources in Guangxi.

Guangxi Nonferrous aims for the subsidiary to generate annual sales revenue of RMB 10 billion ($1.46 billion) and annual profit of between RMB 300 million ($43.94 million) and RMB 500 million ($73.24 million) in the next three years.

Guangxi Nonferrous was set up in July 2008 to consolidate non-bauxite nonferrous metals resources in Guangxi, through the incorporation of six local state-owned enterprises, namely China Tin Group, Guangxi Nonferrous Mineral Resources Co. Ltd., the Guilin Mineral Resources and Geology Institute, Guangxi Siliu Metallurgical and Chemical Co. Ltd., the Guangxi Fozichong Lead and Zinc Mine, and Guangxi Mining Construction Co. Ltd.