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16:31 Jan 21 2010

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Tibet Mineral Development company eyes lithium prospect
16:30, January 21, 2010  

Tibet Mineral Development Co.,Ltd, the only listed mining company in Tibet, will focus on lithium development in the region, according to China Securities Journal.

The company holds 40 percent the shares of the Shengyuan Mining Group Corporation, which was founded on Dec. 16, 2009 and is expected to serve as a major platform for restructuring Tibet's mining industry.

As the largest shareholder of the corporation, the Shenzhen-listed company is probably assigned to exploit mineral resources.

At present Tibet Mineral Development company's business lines include mineral resources like chromium iron, copper and lithium. Of these, the lithium carbonate project in the Zhabuye Salt Lake will become a focal point of its development.

The lake's lithium carbonate reserves are estimated at 2.4 million tons. The company plans to form an annual production capacity of 5,000 tons in the first phase of construction and 20,000 tons in the second phase. It enjoys a bright prospect since the global capacity of lithium carbonate averages only 40,000 to 50,000 tons.

The company is projected to become the biggest lithium producer in China and even in the world after integrating the lithium resources in other salt lakes in the region.

Statistics show that Tibet has 490 salt lakes with a water surface topping one sq km, with the reserves of only seven verified.

Source: Xinhua

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