15th Jun 2018 12:00
LONDON (Alliance News) - Mining company China Nonferrous Gold Ltd said on Friday it has authorised its subsidiary Kryso Resources Ltd to enter a new supplementary consultancy contract with China 15th Metallurgical Construction Group Co Ltd.
The contract is over the tailing-pond project, of which China 15th was the former contractor due to material changes to the planning tailing ponds in the construction site.
The unit contract price for the supplementary contract is expected to be much lower than the original contract due to falling costs of labour, from CNY230.48, or GBP27.02 a day from CNY150 a day. Cement has been reduced from CNY1,404 per tonne to CNY780, sand from CNY162 per cubic metre to CNY140, gravel from CNY125 per cubic metre to CNY112 and steel bars reducing to CNY7,440 per tonne to CNY7,270.3.
Shares in China Nonferrous Gold were down 2.9% at 7.50 pence on Friday.
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