Hong Kong-listed Zijin Mining Corp. has signed a memorandum of understanding with the government of the Republic of Tuva to develop the Kyzyl-Tashtygskoe lead and zinc mine, according to an announcement made by Tuva's head Sholban Kara-ool after a visit to China. Tuva's official delegation to China consisited of the Prime-Miiniste, Chairman of the Representative Chamber of the Great Khural Khonuk-ool Mongush and head of the exterior links agency Yelena Kara-sal. Zijing company acqainted guests from Tuva with an enrichment plant in Shangan similar to the one which is to be put into exploitation by January, 2008. The one in Todzha will produce up to 1 mln tonns of the copper concentrate.The Chinese corpoation will invest $ 206 bln all in all.

Over 6000 people representing 60 countries take part in the 11th Saint-Petersburg International Economic Forum. Among its participants is a Tuvan delegation headed by Sholban Kara-ool, Prime-Minister. Tuvan railway Kyzyl-Kuragino project will be presented at the forum. Today Chinese-Russian investment cooperation is being discussed within the Saint-Petersburg Forum.
Russia' economic prospects have been voiced in Saint-Petersburg by the Russian high-ranking officials.

Possible participation of 'Mechel', one of the biggest coal mining and metallurgy companies in Russia, in the construction of the combine on concentration and processing of Tuva coal was discussed in Moscow at the meeting of the company's management with Chairman of Tuva's government Sholban Kara-ool.

Tuva's reserves of coal are estimated at up to 20 billion tons.

China`s second largest gold miner, Zijin Mining Group is seeking other overseas copper acquisitions after its takeover of Monterrico Metals in Peru to help provide raw materials for a proposed copper smelter. The company is also planning in invest US$100 million in a lead and zinc project in Tuva.

The Russian government has thought of a way to make the Republic of Tyva free of subsidies from the federal budget. All it takes to make it happen is to build 460 km of the Kyzyl-Kuragino railway. Today the commission on investment projects of national importance agreed to allocate R30bn [about 1.1bn dollars at the current rate of exchange] from the investment fund for the construction.