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| China's Western Mining to buy US$13 mln zinc and indium ingots |
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| 2008-02-24 | |
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Feb. 18, 2008(China Knowledge) - China's Western Mining<601168>, the country's fourth largest zinc miner is planning to purchase RMB 93 million (US$13 million) zinc and indium ingots from a zinc smelter in western China's Qinghai province, according to the company's statement. The company will purchase 3,800 tons of zinc ingot and 5,618 kilograms of indium ingot from Qinghai Summit Zinc Co, which is a subsidiary of Shanghai-listed Tibet Summit Industry Co Ltd<600338>. Western Mining will buy zinc ingot at the price of RMB 19.650 per ton and RMB 3,300 per kg for indium ingot, said the company. The purchase will meet the strong demand in the market, and ensure the supplies of its clients. West Mining noted that the deal will bring profits to the company, as the prices in the domestic market declined nearly half from the previous year to be even lower than production costs. |
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