November 3 -- Western Mining ( 601168.SH) said subsidiary, Tibet Yulong Copper, plans to establish a joint venture, Huaneng Guoduo Hydropower, with Huaneng Lancang River Upper-stream Hydropower, reports yicai.com, citing a company filing.

The joint venture will have a registered capital of 200 million yuan, and will be involved in the investment and development of hydropower plants, and in the power distribution business.

Yulong Copper will contribute 68 million yuan for a 34 percent stake.

After completion, the joint venture will have installed capacity of 165 MW and generate 822.7 gWh of power annually. Total investment will hit 2.5 billion yuan, and the engineering works will take 57 months.

The joint venture will supply a minimum of 700 gWh of power to Yulong Copper Mine per year after completion.
 

Source:CapitalVue