Some 85,000 tons of nickel will be extracted per annum from the Tagaung Taung nickel mine project, Chinese company CNICO, who only recently got permission for the project, announced on Friday.
Speaking exclusively to Mizzima, Liu Yi, Managing Director of CNICO, also claimed that 80,000 tons of nickel would be extracted during the test run period at the mine in Sagaing Region.
Yi announced the news during a press conference at the Chinese Embassy in Myanmar on Friday.
He told Mizzima: “For this test-run period, the nickel will be sold to China.”
He added that the company has a joint venture partnership for the next 20 years with the Myanmar Ministry of Mines.
“Depending on the quantity of output, the Ministry of Mines will get the share proportionately,” he said. “Also, the price of nickel is unstable on the international market, so it’s not easy to determine the percentage of the share. The company will donate US$200,000 per year to social programs in the project area.”
