China's Dameng Manganese to develop Indonesian mines

Chinese firm Guangxi Dameng Manganese Co. Ltd. recently reached agreements with several Indonesian companies for the development of mineral resources in Indonesia, according to a Chongzuo Municipal Economic and Trade Commission announcement earlier this month as quoted by Interfax.

Dameng Manganese will invest US$40 million to jointly develop copper and molybdenum reserves with Aijia Mining Industry in Kalimantan State and also intends to invest $30 million in a joint nickel-project with Indonesian Precious Stone and Energy Co. Ltd.

Also, Dameng Manganese has plans to collaborate with Jiawang Group to develop manganese resources in Kalimantan , and will invest funds to acquire a 50 percent stake in the project.

Dameng Manganese's first step in solidifying its Indonesian plans was through the establishment of its first overseas office, the Dameng International Resource Investment Company, in Indonesian capital Jakarta last Tuesday.

Dameng Manganese was established in the city of Nanning, in Guangxi Province in 2001 as a state-run manganese miner and manufacturer. Currently, the company's total assets amount to $84 million. (*)