China Nonferrous Metal Mining (Group) Co., Ltd. (abb. CNMC, Chinese: 中国有色矿业集团公司), formerly China Nonferrous Metals Industry Group, is a Chinese corporation involved with the mining of non-ferrous mineral resources.[2] Established in 1983, it is a large central enterprise managed by the State-owned Assets Supervision and Administration Commission of the State Council.[3]
It is managed by the State-owned Assets Supervision and Administration Commission of the State Council.
The company was the parent company of four listed companies in mainland China and in Hong Kong, namely China Non-Ferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd., Ningxia Orient Tantalum Industry Co., Ltd., China Nonferrous Mining Corporation Limited and China Daye Non-Ferrous Metals Mining Limited.[4] It has mines in Zambia, Mongolia and Thailand, and a project in Laos.[2] It invests in copper, aluminum, zinc, nickel, tantalum, niobium, and beryllium.[2]
History
The company was founded in 1983,[2][5] mainly to carry out international engineering business.
In 1994, China Nonferrous Metals Industry Group was among the large industrial state-owned enterprises of China which were selected for a pilot program of restructuring as state holding companies, thereby enabling partial public listings of its subsidiaries' assets.[6]: 49
In 2005, with the approval of SASAC, the company changed their name to China Nonferrous Metal Mining.[7]
Leadership
Its president is Mr Luo Tao; its vice-presidents are Qiao Zou and Jiang Hao.[5]
Company developments
In 2013, the company signed a deal worth US$712 million to construct a steel factory in Iran, thereby defying the sanctions imposed on Tehran by the US and European Union at that time.[8]
As of January 2017, the company is also in talks with Gecamines, a state-owned company of Democratic Republic of Congo (DRC), over a copper mining joint venture.[9]
References
- ^ "中国有色矿业集团公司2015年年度报告" [China Nonferrous Metal Mining (Group) Co., Ltd. 2015 Annual Report] (in Chinese). archive of chinamoney.com.cn. 29 April 2016. Retrieved 7 May 2016.
- ^ a b c d About CNMC Archived 2010-04-14 at the Wayback Machine
- ^ 张静. "China Nonferrous Metal Mining (Group) Co Ltd (CNMC)". govt.chinadaily.com.cn. Retrieved 2023-01-30.
- ^ Description of the company
- ^ a b Bloomberg BusinessWeek
- ^ Leutert, Wendy (2024). China's State-Owned Enterprises: Leadership, Reform, and Internationalization. Business and Public Policy Series. Cambridge: Cambridge University Press. ISBN 978-1-009-48654-5.
- ^ development of the company(中色发展历程) Archived 2013-12-03 at the Wayback Machine
- ^ "China to build steel plant in Iran". China Economic Review. January 17, 2013.
- ^ Ford, Neil (16 January 2017). "DR Congo plots $700m mining sector investment". African Business. Retrieved 15 February 2017.
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