Chinese Firm to Invest $100M in Burma Mining Project: Report
18 October 2013
One of China’s largest motorcycle manufacturers is planning to invest US$100 million in a mining project in northeastern Shan State’s Kokang region, according to business information service Sinocast.com. A report on the service from Beijing on Wednesday said the Chongqing-based Zongshen Industrial Group would invest in its first overseas mine in the area that borders China’s Yunnan province. The mine would produce ferrotitanium, an alloy of titanium and iron, the report said. “Zongshen last year signed a framework agreement with a Kokang-based mineral company to co-develop the mining industry. This acquisition negotiation is close to an end recently,” it said.