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Tajik leader affirms China’s crucial role
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TAJIK President Emomali Rahmon affirmed China’s contribution in resources development in the Central Asian nation, saying his country will continue to improve policies and rules to attract more investment in the industrial sector.
Rahmon made the remarks yesterday during a visit to the headquarters of Shanghai Haicheng Resources (Group) Co, whose unit, Tajik-China Mining Co, is already the largest investor in Tajikistan’s mining industry and also the second-largest industrial company in that country.
Mining and ore processing are key components of the Tajik economy. Among Central Asian republics, Tajikistan ranks first in lead and zinc resources.
Rahmon said his government is implementing a set of policies to upgrade its own industrial enterprises and improve business environment to attract more investment in the resource-rich nation.
To date, Tajik-China Mining has invested more than US$100 million in the Tajik mining sector, as part of China’s go-out strategy for strategic resources. They include the Altin-Topkan lead and zinc mine, which is now the largest cooperation project in the mining industry between the two countries.
With US$500 million earmarked for total investment Tajik-China Mining is also planning to build zinc and lead smelters and other processing facilities in Tajikistan, said its parent, Shanghai Haicheng.
Haicheng wants to inject all of Tajik-China Mining’s assets into its Shanghai-listed unit Tibet Summit Industry Co to boost profitability and reduce overlapping transactions. Tibet Summit is seeking regulatory approval for the restructuring. An earlier private placement bid to acquire the assets was rejected in part because Tajik-China Mining hadn’t secured mining license for one mine.
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