China Shen Zhou Mining & Resources, Inc., a company engaged in the exploration, development, mining and processing of nonferrous metals in China, has announced that its subsidiary, Xingzhen Mining, in Xinjiang Uyghur Autonomous Region, has signed a new supply contract for copper and zinc concentrates with Weng Niu Te Qi Rui Peng Mining Company, based in Chifeng City, Inner Mongolia.
According to the contract, the value of which is approximately USD1.6 million, the Company will ship zinc and copper concentrates to Rui Peng from August 2008 until October 31, 2008.
"We are very pleased to sign this new supply contract, which shows our strong mining and processing ability in nonferrous concentrates," said Jessica Yu, chairwoman and CEO of China Shen Zhou. "Our zinc and copper manufacturing has been in good production since we successfully completed the 200,000-ton-capacity processing plant in April. We signed two supply contracts in May and since then have been transporting nonferrous concentrates to our clients smoothly. We will further enhance our mining and processing capacity to satisfy clients' demands and we are committed to increasing our profitability."
The new nonferrous metal concentrator at Xingzhen Mining was completed in April 2008. It is located in Buerjiin County in northern Xinjiang, about three miles from the Company's Keyinbulake nonferrous metal mine, which has a mining license valid until August 2013. The Keyinbulake deposit is situated in one of the most geologically rich regions of Xinjiang.
China Shen Zhou Mining & Resources, Inc., through its subsidiary, American Federal Mining Group, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia; and zinc/copper exploration, mining and processing in Xinjiang. In addition, AFMG owns 100% of the Kichi-Chaarat Closed Joint Stock Company, whose major assets include a copper-gold mine located in the Kuru-Tegerek region of western Kyrgyzstan.