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NFC Tops Selection for $773 Million Mongolia Copper Smelter; Shares Up 10%

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China Nonferrous Metal Industry's Foreign Engineering and Construction Co. (SHE:000758), or NFC, secured priority negotiation rights after achieving the highest score in the selection process for Mongolia's copper smelting project, according to a filing with the Shenzhen bourse.

The project, owned by Mongolia's state-owned Erdenet Mining and Copper Processing Complex, envisions a 120,000-ton-per-year cathode copper smelter valued at about $773 million.

No binding agreement has been signed.

Shares of the mining and metals company rose 10% in recent trade.

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