CNMC wins Malaysia mine license

One of China's biggest state-owned mining groups has been granted a license to explore and develop mines in the north Malaysian state of Kelantan. Under the terms of the deal, China Nonferrous Metals International Mining Co Ltd (CNMC) can explore a 120 sq km area. Financial details of the agreement were not disclosed, although state media quoted an official working for the Kelantan state government as saying CNMC was offered favorable policies and low tax rates. Besides large quantities of iron reserves in the area, officials said it was also known to contain high levels of gold, copper, stannum and other metals. CNMC, which has mines in Australia, Cambodia and Indonesia, specializes in the exploitation of nonferrous metals, such as copper, gold, silver and aluminum.