The third for a four-day China-ASEAN Expo in November 3 sunset under the curtain. During the summit, China and the Philippines also finalized an investment scheme, which is jointly province Jinchuan Group Baosteel Group and the State Development Bank will invest 1 billion US dollars acquisition of wholly-owned Philippine island of Mindanao a nickel. It is reported that Chinese companies will be in the Philippines is the largest single investment.

During the summit, President Gloria Macapagal Arroyo said that the Government of the Philippines and China's Baosteel officials, the Jinchuan Group two investment in the Philippines signed a memorandum of cooperation nickel. The memorandum of cooperation and facilitate the smooth execution, stems from the early December 2004, the High Court declared that the Philippines, the implementation of the 1995 re-enactment of "Philippines Mining Law," and allow foreign investors to own 100 per cent of the mining company shares.

It is understood that the Jinchuan Group is currently the largest domestic producer of nickel, nickel output more than 90 percent of the country's total, according to the group "11th Five-Year" plan, by 2010, Jinchuan Nickel Group will be the final product increase to 15 million tons strategic objectives, and nickel deposits in the domestic limited circumstances, to achieve this strategic goal, the purchase of raw materials increased the intensity will be its international operation's top priority. At present, the Philippines apart from nickel projects, also has rich reserves of copper, chrome, gold and other mineral resources, China has become the biggest investors in the Philippine mining industry.

In addition, the Jinchuan Group, as one of the partners, the Baoshan Iron and Steel Group is building a large-scale stainless steel, stainless steel and nickel production is the key raw materials, in order to guarantee the supply of raw materials, Baoshan Iron and Steel Group to achieve this through investment demand to open up the whole industry chain link. By then, once the project goes into operation, the Jinchuan Group will provide Baosteel Group nickel prices relative concessions final product.

Jinchuan Group Co., Ltd. is mining, ore, smelting, and supporting large-scale non-ferrous metallurgy, chemical enterprises, the production of nickel, copper, cobalt, rare and precious metals and sulfuric acid, caustic soda, chlorine, hydrochloric acid, sodium sulfite, and other chemical products and non-ferrous metals deep-processing products, nickel and platinum group metals accounted for more than 90 percent of China, is China's largest nickel and cobalt production base, the base was hailed as one of China's "Nickel are." Company has annual 130,000 tons of nickel, 200,000 tons of copper and 6,000 tons of cobalt, 3,500 kg of platinum metals and 1.2 million tons of chemical products, 30,000 tons of nickel salts's comprehensive production capacity.