CHALCO To Spend 1.6 B Yuan On Minerals Exploration In Qinghai

November 18 -- Aluminum Corporation of China （601600, 2600.HK） signed agreements with Qinghai Provincial Bureau of Nonferrous Metal and Geological Exploration （QBNG） to spend 1.6 billion yuan on the Galinge Large Iron Mine and Kangdenongshejin Polymetallic Mine （KPM） in Qinghai, reports China Securities Journal.

Chalco will establish joint ventures with QBNG for the two mines respectively and will hold 80 percent stake in the joint venture established for Gelinge Mine and 70 percent stake in the other for KPM. QBNG director Wu Tingxiang said the Galinge Iron Mine has proven iron ore reserves of over 170 million tons at present and will hopefully hit 500 million tons in the next few years.

On November 7, the Qinghai Provincial Bureau of Land and Resources signed agreements with Shandong Gold Group to explore the Qinghai Dulan Gouli Large Gold Mine, which has 40 tons of proven reserves and hopefully will hit 150 tons during the 12th Five-Year Plan period. KPM also has proven 30 tons of gold reserves at present.