. GPS News .




.
TRADE WARS
Chinese firms bag India copper mining contracts
by Staff Writers
Mumbai (AFP) Dec 30, 2011


Three Chinese firms have bagged contracts worth nearly $105 million to help India's only copper miner Hindustan Copper Ltd meet a target of boosting its output four-fold, the company said on Friday.

Wenzhou Construction Group of China and India's Maheshwari Mining won an engineering and construction contract worth $18.3 million to develop mines in the northern Indian state of Rajasthan.

Two other Chinese mining firms, Laiwu Steel Group Mine Construction Ltd and Sinosteel Engineering Design and Research Institute, won a $39 million project at HCL's Surda mines in eastern Jharkhand state.

Wenzhou and Maheshwari Mining have also got a $48 million contract to develop Chapri-Sideshwar, another mine in Jharkhand state.

Shakeel Ahmed, chairman and managing director of state-run Hindustan Copper, told AFP that the contracts were awarded in early November.

"We saw global competitive bidding and contracts were awarded through a transparent two-stage bidding. They (Chinese firms) bring value of project execution," he added.

Shares in the Kolkata-based firm jumped 15.96 percent to reach a high of 188.5 rupees intraday at the Bombay Stock Exchange, following initial media reports of the news. They closed at 186.25, up 14.5 percent.

Ahmed said the Chinese and Indian firms that won bids would be responsible for engineering, procurement and construction activity.

The contracts are expected to help boost production at Hindustan Copper four-fold from 3.4 million tonnes to 12.4 million tonnes over the next five years, he added.

Work will begin in earnest in the coming months, said Ahmed.

Ahmed has previously said that boosting mining capacity would be a key focus for the company in 2012 to improve sustainability of profits.

Relations between China and India have often been fraught, principally over disputed border territory in the far east and northwest of India and the presence of the exiled Tibetan spiritual leader, the Dalai Lama, on Indian soil.

Despite growing bilateral trade ties, both countries remain suspicious of each other as they increasingly compete for resources and influence overseas.

In May 2009, India restricted imports of Chinese telecom equipment because of fears that spyware might be embedded in it.

Chinese firms are already building steel plants in India but this is their first move in helping to develop copper mines, the Economic Times business daily said on Friday.

Related Links
Global Trade News




.
.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries






.

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



TRADE WARS
Strike at China LG plant ends after concessions
Shanghai (AFP) Dec 29, 2011
Thousands of workers at a plant in eastern China owned by South Korea's LG Group have returned to work after the firm doubled bonuses to end a three-day strike, a government official said Thursday. The strike was the latest in a series of work stoppages that have hit China since November, as employees protest over low salaries, wage cuts and poor conditions amid company cutbacks due to the g ... read more


TRADE WARS
Latest China food safety scandal widens to oil

Toxin found in Chinese milk

China jails six over tainted pork

China to face more Wukan-style protests: official

TRADE WARS
New technique makes it easier to etch semiconductors

Stanford engineers achieve record conductivity in strained lattice organic semiconductor

New device could bring optical information processing

Terahertz pulse increases electron density 1,000-fold

TRADE WARS
US issues alert over Alaska volcano cloud

Raytheon to Provide Improved Surveillance Capability for National Airspace System

Taiwan, Hong Kong sign new aviation deal

Airlines face EU pollution bill from New Year

TRADE WARS
Mercedes, BMW vie for US luxury car crown

China limits foreign auto investment: Xinhua

China auto rules could ward off new firms: analysts

Toyota eyes 20% global sales growth in 2012

TRADE WARS
Strike at China LG plant ends after concessions

Chinese firms bag India copper mining contracts

US, Europe woes hit China manufacturing: HSBC

Record mining splurge makes global impact in 2011

TRADE WARS
Guyana, Germany ink deal to protect Amazon

In Romania, a pledge to shield bastion of Europe's forests

The case of the dying aspens

Little headway in Durban on deforestation: experts

TRADE WARS
TRMM Satellite Measured Washi's Deadly Rainfall

First ever direct measurement of the Earth's rotation

Satellites can help to grow the perfect grape

China launches high-resolution remote-sensing satellite

TRADE WARS
Graphene grows better on certain copper crystals

New method of growing high-quality graphene promising for next-gen technology

Giant flakes make graphene oxide gel

Amorphous diamond, a new super-hard form of carbon created under ultrahigh pressure


.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement