JCHX Mining Management (SHA:603979) signed a contract to develop the northern part of Pulang copper mine for 1.33 billion yuan, according to a Tuesday disclosure on the Shanghai Stock Exchange.
The mine in Shangri-La City, Diqing Tibetan Autonomous Prefecture, Yunnan Province, China, is owned by Yunnan Diqing Nonferrous Metals, a unit of Yunnan Copper (SHE:000878).
The general contracting works will include tunnel excavation, medium-deep hole blasting, mining and cutting, equipment installation and maintenance, the disclosure said.
The general contracting works in the northern section will run from Oct. 10 this year until Oct. 9, 2034. The mining and cutting works will be between Oct. 10, 2024 and July 16, 2027, the Chinese mining construction company said.
JCHX's shares dropped 10% and Yunnan Copper's shares fell less than 5% in recent trade.
Price (RMB): ¥42.63, Change: ¥-4.7, Percent Change: -9.99%
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