The state-controlled Bank of China (BOC) has granted 650 million yuan (US$95.17 million) of credit loans to a local company for exploiting multi-metal mines in Tibet Autonomous Region, the bank said Monday.

The Huatailong mining company, based in the regional capital Lhasa, will use the money to develop multi-metal mines in Gyama village.

The amount of the loan is by far the largest in Tibet this year.

Huatailong mining company is a subsidiary under the China National Gold Group Corporation, a large scale state-owned enterprise and the sole Chinese member of the World Gold Council.

Statistics show the BOC branch in Tibet has issued more than 4 billion yuan of credit loans since last year to support projects such as the section of the Qinghai-Tibet railway linking Xining and Golmud, and a mineral water enterprise, Tibet Glacier Mineral Water.

(Xinhua News Agency March 24, 2009)