China`s Lunsin begins mining complex construction in Russia.

GORNO-ALTAISK, December 18 (Itar-Tass) -- Chinese Lunsin Company, a
member of the Zijing mining group, began the construction of an
ore-dressing and processing works at the Kyzyl-Tashtyg polymetallic ore
field in neighboring Russian region of Tuva, local industry minister Karim
Sagaan-ool said on Friday.
Lunsin won the license to the field at a tender in April 2006, paying
742.5 million rubles, or way above the starting price, which was 270
million rubles. The Kyzyl-Tashtyg field located 120 km northeast of Tuva
capital of Kyzyl is rich in zinc, lead, copper, barium and sulfur, with
incidental reserves of gold, silver, cadmium and selenium.
The mining and processing complex is to be commissioned in 2011 and is
scheduled to reach the annual projected capacity of one million tons of
ore in 2012. In the past two years Lunsin invested 500 million rubles,
while total investments are estimated at six billion rubles.
The company holds the license for the field up to 2023. In 14 years it
is expected to pay over 12 billion rubles of taxes to various budgets.
The proven reserves of the field comprise 1,295 thousand tons of zinc,
203 thousand tons of lead, 166.6 thousand tons of copper, 3.5 thousand
tons of cadmium, and some 2 thousand tons of selenium.
The future works will employ 800 people and half of them are to be
local Tuva residents.
-0-nec