Northwest mining project hits red light

China's Northwest Nonferrous International Investment Co Ltd (NWII) has withdrawn from a $26.5 million investment in a Nevada gold mine about 100 km from a US Naval base on Monday, after the US government objected to the deal on national security concerns.

Sun Feng, chairman of Northwest Nonferrous, said yesterday that despite the failure of its first investment in the United States, the company still consider it as a favorable investment destination.

"It is a pity that we could not bring the project into production. But we are still optimistic about business opportunities in the US," Sun said in a phone interview with China Daily.