Newmont Mining Becomes Largest Mine In US - Buys Sante Fe Message Board

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Gold/Mining/Energy : Newmont Mining Becomes Largest Mine In US - Buys Sante Fe

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To: SStam who wrote ()	6/25/1997 6:13:00 PM
From: George	of 65

The long-awaited Lannigou Gold Mine co-operative project in southwestern Guizhou Province, China has gained some progress, according the Ministry of Metallurgical Industry's Gold Bureau. The two companies, US-based Newmont and Australia-based Broken Hill Proprietary (BHP) Ltd Co have been interested in the project for many years. They are required to present their prefeasibility reports to CNGC by Aug. 10, based on the geological materials of the mine delivered by the China National Gold Corp (CNGC) on May 10. CNGC will compare the two reports to choose which company it prefers. "But this doesn't mean the other company has lost," a CNGC official said. ...... "Unlike other industries in China that are restricted by the market situation, the gold industry is free of limitations such as an oversupplied market, stockpiles and delayed payment from buyers," Deputy Director Ai Dacheng said. With a guaranteed purchase, local goverments intend to pay more attention to the smooth operation of the gold mines, he said. The purchase price is about 91 yuan ($10.96) per gram. The price on the international market has fallen to $347 per ounce from $370 per ounce at the end of last year. from "China Daily" June 16, 1997

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