Chinese copper producer Jiangxi Copper and China Metallurgical Group Corp is to pay US$808m for the right to explore minerals in a copper mine field in Afghanistan.
The amount is part of an expected initial investment of US$2.9bn to develop Aynak copper deposit, Board Secretary of Jiangxi Copper Pan Qifang, told Reuters.
Jiangxi Copper and state-owned mining and investment firm China Metallurgical won the contract through a tender last year to develop the vast Aynak mine, which contains the world's second largest unexploited copper deposit.
The project is expected to contribute huge revenues to mineral-rich and political unstable Afghanistan, writes Reuters.
By staff writer
