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Mining reserves of China Minnmetals

climbs to record high

<font face="arial, geneva, helvetica" size="2">China Minmetals Corporation saw record high of mining reserves last year, with near 600 million tons of iron and 385,000 tons of tungsten, sources with the company said Tuesday.</font>

<font face="arial, geneva, helvetica" size="2">The total turnover of the company hit 18.9 billion U.S. dollars in 2006, the third year in a row with turnover exceeding 15 billion U.S. dollars, according to the annual company meeting held in here Tuesday.</font>

<font face="arial, geneva, helvetica" size="2">The company has made headways on reducing dependence on export. Profits from domestic subsidiary companies took up more than half of the total profits last year.</font>

<font face="arial, geneva, helvetica" size="2">The company has been actively expanding overseas cooperation to secure material supply. It signed a 2 billion U.S. dollars deal with Chile's Corporation National of Copper, which promised to provide 850,000 tons of Copper Cathode in the next 15 years.</font>

<font face="arial, geneva, helvetica" size="2">It also established long-term ties with mining giants like Companhia Vale do Rio Doce and South&nbsp;Africa's Palabora Mining Company Limited on iron ore supplies, and won exploiting rights in Jamaica, Bolivia last year.</font>

<font face="arial, geneva, helvetica" size="2">As China's largest producing and trading group of metals, minerals and electrical products established in 1950, the company's total turnover approached 17.78 billion U.S.dollars in 2005.</font>

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