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Big loan by state-owned Bank for mining in Tibet

(TibetanReview.net, Mar 25, 2009) — The state-owned Bank of China (BOC) has loaned 650 million yuan (US $95.17 million) to the Lhasa-based Huatailong mining company for exploiting multi-metal mines at Gyama village in Maldrogungkar county of the city, reported China’s Xinhua news agency Mar 23. It said the loan was by far the largest in the Tibet Autonomous Region (TAR) this year.

Huatailong a subsidiary under the China National Gold Group Corporation, a large scale state-owned enterprise and the sole Chinese member of the World Gold Council.

The report said the BOC branch in the TAR had issued more than 4 billion yuan of loans since last year to support projects such as the Xining and Golmud section of the Qinghai-Tibet railway, and a mineral water enterprise, the Tibet Glacier Mineral Water.

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