(Yicai Global) May 5 -- Chinese machinery manufacturer Citic Heavy Industries Co. [SHA:601608] recently delivered two large ore milling machine sets to a key copper mining project in Ecuador.
The project on which Citic Heavy Industries successfully bid is the Ecuador Mirador Copper Mine.
Ecuador's economy is recovering at present, and the government has enhanced infrastructure construction in recent years. The Mirador Copper Mine is Ecuador's first-super large mine project, and has aroused controversy over its potential environmental impact in an ecologically-sensitive region.
The project is jointly invested and developed by China Railway Construction Corp. [SHG:601186] and Tongling Nonferrous Metals Group Holdings Co. with an estimated investment of USD1.9 billion. It will become a world-class copper mine that processes 100,000 tons of ore per day after its completion next year.
Citic Heavy Industries did not indicate the specific price of the equipment, but emphasized that to engage in the project suggests it is entering the South American market.
As of the start of April, Citic Heavy Industries has cumulatively developed over 1,300 ore-milling machines that have been installed in many mining works both at home and abroad. Its large milling machine with a diameter of over six meters claims the biggest share of the Chinese market at 81 percent, and ranks second globally with a market share of 23 percent, public data shows.