By Xiao Wan (China Daily)
Updated: 2007-08-03 11:07

China Metallurgical Group Corp (MCC) has set up an engineering technology institute in a move to boost the company's technology development.

The institute will first enroll 43 members, with company President Yang Changheng serving as the honorary chairman.

Yang said technology has played a "crucial" role in the company's development. MCC has been planning the institute for over two years.

The company will reinforce its core businesses of engineering, procurement and construction (EPC), resource development, mechanical equipment fabrication and real estate development.

It has won a contract to build an iron ore mine in Australia, the largest mine construction contract awarded to a Chinese company to date.

MCC has already established a reputation for construction in developing countries. It helped build Pakistan's first non-ferrous mineral development complex, the Saindak copper mine.

The company is now ranked 26th on the list of the world's top 225 contractors.

MCC is also looking to overseas expansion as a key part of its growth strategy. It has established two subsidiaries, MCC International Incorporation Ltd and MCC Overseas Ltd, to develop its overseas business.

MCC International Incorporation Ltd will focus on North America, Latin America, the European Union and Africa, while MCC Overseas Ltd will cover Asia, Australia, Russia and Turkey.

The two new companies will be in charge of seeking projects, bidding and scouting for investments, while the projects themselves will be dealt with by other MCC subsidiaries.

MCC said the inception of the two companies is part of the group's restructuring strategy and a milestone in its overseas business development.