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Japan finances mining sector
CNH, the national coal mining company, signed a protocol last week with Itochu of Japan regarding the modernization of Vulcan and Paoseni mines.
The Japanese company has run a feasibility study over the last two years and decided to invest some 146 million USD in Valea Jiului.
Up to 24 million USD will be invested in new mining equipement, with the rest transforming the thermal power plant in Paroseni into a cheap source of energy.
Three japanese banks will jointly finance the projects , the Commercial Bank of japan covering 87 per cent of the total.
©Bucharest Business Review, May 1-7, 2000
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