China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Shandong Gold-Ming will invest CNY 35 billion (USD 5.59 billion) in Laizhou, Shandong Province, China, between 2011 and 2015 to build nine gold industry chain projects and four gold mines with a daily processing scale of 60,000 tons to 120,000 tons.
Shandong Gold-Mining expects the output value to exceed CNY 50 billion (USD 7.99 billion) in 2013 and reach CNY 100 billion (USD 15.98 billion) in 2015.
The company plans to complete the construction of an exemplary project with an investment of CNY 2.5 billion (USD 400 million) and an annual gold production of 250,000 liang (12,500 kg) in Laizhou in June 2013.
Source (Chinese): People.com
