BEIJING, Oct. 24 (Xinhua) -- Spanish blasting solution provider MAXAM has opened its manufacturing plant in east China's Shandong Province and inaugurated the company's business operations in the country.
The new plant is a joint venture between MAXAM and two local firms of Tianbao Chemical and Weihai Yuboqiang, with a total investment of 70 million euros (about 78 million U.S. dollars), the company announced at a news briefing.
The plant will produce civil explosives and initiation systems for mining, quarrying and infrastructure construction industries, with an annual production capacity of 10,000 tonnes of water gel cartridges and 60 million detonators.
Considering China as one of the world's largest and fastest-growing civil explosive markets, MAXAM sees great demand for mining raw materials in the country and expects the market to maintain fast growth.
Calling the plant "evidence of MAXAM's confidence about its future in China and its strong commitment to the market," Jose Fernando Sanchez-Junco Mans, the company's chairman and CEO, said "the Chinese economy is now on its strategic transformation trajectory to sustainability and high-quality growth, which provides tremendous business opportunities to MAXAM."
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