On November 27th, the Panzhihua branch venue ceremony for commencement of major projects in the fourth quarter of 2020 in Sichuan was held at the construction site of the 7 million tons green and efficient beneficiation project of Lomon Billions.

With a total investment of RMB600 million (USD91.37 million), the project will fully tap the potential to improve the quality of iron ore concentrate and reduce impurities, so as to achieve a 50% increase in the existing production capacity of iron-titanium concentrate. After the completion of the project, another 7 million tons of raw ore will be processed every year, another 1.6 million tons of iron concentrate, 400,000 tons of titanium concentrate, and 15,000 tons of sulphur-cobalt concentrate will be added every year; the annual operating income will increase by RMB1.2 billion (USD0.18 billion), and the new tax will rise by RMB120 million (USD18.27 million).