28.2 C
Supported byspot_img

Jiangxi Copper China giant took over the Albanian copper Co

Member of Europium Groupspot_img
Supported byspot_img

Copper is considered the second most important metal in Albania, even though the industry in recent years, faced with falling prices in the international market, as well as some internal problems. According to official data, the export of copper from Albania in the last four years ranged between 30 and 40 million dollars per year. Of this amount, approximately 87% is produced in mines in Munela.

Through a financial transaction in Turkey, most of the Albanian copper reserves is transferred into hands of the Chinese giant “Jiangxi Koper”, owned by the Chinese Government. A few days ago this company bought 50% stake in the company “Nesco Metal”, which is 100% ownership of “Beralb” that major reserves of copper in Albania, or mines in Munela, Lakros, Karma as well as factory for the enrichment of copper in Fush-Arzi gained by concession from the Government.

Reserves’ transfer into hands of the Chinese raises hopes for recovery in copper industry in Albania, bearing in mind that this is the second largest company in the world for the production of copper. Last year, the “Fortune Global” ranked Chinese company at 414th place of the 500 largest companies in the world with an annual turnover of 28 billion dollars, or more than twice of the Albanian GDP.

Supported byElevatePR Digital

Related News

Coal India expands into graphite mining with new license

Coal India Limited (CIL) is diversifying its operations beyond coal for the first time by entering the graphite mining sector. The Ministry of Mines...

Latin America’s chance to redefine mining and drive the global energy transition

Latin America's tumultuous relationship with mining dates back to the conquistadors' plundering of gold and silver for the Spanish crown. Following independence, the arrival...

U.S. faces critical mineral supply challenges: Urgent policy reforms required for energy security

The global shift towards electrified economies is redefining energy security, as the demand for essential metals like lithium, graphite, copper and rare earth minerals...

Cornish Metals finalizes $4.5 million royalty sale to focus on South Crofty tin project in UK

Cornish Metals Inc., a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, UK, has...
Supported by
Supported by
Supported by
error: Content is protected !!