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CHINA YUNNAN COPPER AUSTRALIA LIMITED - ASX: CYU
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Description
China Yunnan Copper Australia Limited (CYU) is an Australian company formed to explore for and develop minerals in Australia and overseas. The Company was incorporated on the 24 August 1995 and recently changed its name to China Yunnan Copper Australia Limited, reflecting the strong relationship with its cornerstone investor, Yunnan Copper Industry (Group) Co Ltd(YCI).
Yunnan Copper Industry (Group) Co Ltd is China's third largest copper producer. In 2006, they produced 362,000 tonnes of copper cathode. YCI produced 13% more copper in 2007 than 2006, due to higher domestic demand. Copper production reached 426,000 tonnes and total sales were Yuan 40.6 billion (AUD $7.5 billion), up 24% from 2006. On the 25th of January 2008, the Aluminum Corporation of China (Chinalco) acquired a 49% interest in YCI. Chinalco has confirmed its strategic alliance with YCI and reiterated their ongoing support for China Yunnan Copper Australia to become YCI's international investment arm and mining house.
CYU has targeted high quality copper, gold and uranium projects and has eleven 100% owned Exploration Permit for Minerals (EPM's) tenements located in the Mt Isa Inlier, Ravenswood-Pentland Province and the Clermont Inlier in Queensland, Australia. The Cloncurry project in the Mt Isa Inlier contains wide intercepts of low grade copper ( 92m at 0.2 % Cu ) associated with feldspar- magnetite alteration similar to the nearby Xstrata's Ernest Henry Cu-Au deposit.
The technical team is implementing an aggressive exploration program with soils sampling, geophysical prospecting and diamond drilling underway on the Cloncurry Project. The Mt Isa, Pentland and Clermont projects have ongoing programs of geochemical and geophysical program delivering drill targets for testing in the current calendar year.
Directors consider the attraction of a major international mining group to this project as farm-in partner is indicative of the inherent merit of this area and of the processes which CYU has employed in gathering its portfolio of properties.
The Mt Isa, Cloncurry and Pentland project areas are also prospective for uranium with the Malakoff uranium prospect located in the Cloncurry project area. There is potential for economic deposits of copper, gold, uranium and other minerals to occur within the CYU project areas.
Mine For
copper, gold, uranium
Location of operation(s)
Queensland
Address
Level 5, 10 Market Street
BRISBANE, QLD, AUSTRALIA
Phone
07 3212 6204
Website
Last Updated
23/2/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
