Cusis silver mine is set to be developed as part of a plan to diversify its economy away from silver mining, China’s National Development and Reform Commission said.
China has announced plans to invest at least $5 billion in the CusI silver mine, part of the plan to boost economic development and boost its industrial base in CUSI province.CUSI has been a producer of silver since 1819.
It produces over 90% of the world’s production of silver.
The gold mine will be developed in an area of a 6,300 hectare (24,500 acre) area, the CUSIS said in a statement on Wednesday.
It said the Cussis silver will be produced under a contract worth up to $5.5bn.
In July, China said it had agreed to invest an additional $5,000 million in the mine, which will provide up to 100 jobs, the state-run Xinhua news agency reported.
It has also said it would invest another $2.5 billion to help expand the copper industry in the region, Xinhua said.
The CUSIE’s decision follows an investment plan announced by the Central Committee of the Communist Party of China (CCCP) in May to invest up to 20% of its annual production in silver mining and development.