Tibet pledges US$2.32b over 3 years to boost mining

The government of the Tibet Autonomous Region plans to invest US$2.32 billion (RMB15.9 billion) to improve extraction from its ten top mines over the next three years, the Securities Times reported, citing Li Zhen, director of the provincial economic commission. “These mines have received US$10.75 million (RMB73.5836 million) as at the end of 2007,” Li said. “They are expected to generate US$575.84 million (RMB3.94 billion) in net profit and US$1.90 billion (RMB12.98 billion) in revenue when they become operational.” The Yulong mine, the largest of the ten, has been estimated to hold between 6.5 million and 10 million tons of copper.