2008-06-24 Beijing
China’s state-owned enterprise China Metallurgical Group Corp. intends to develop iron mining and construct an integrated steel plant in Philippines, with initial investment estimated at US$ 1.5 billion, according to Philippines’ Environment Secretary Jose Atienza. The Chinese company is willing to invest as much as US$ 10 billion in the project, said Atienza. China Metallurgical Group is applying for an exploration license from the Department of Environment and Natural Resources of Philippines, Atienza added.
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