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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (1348)11/11/2003 12:34:45 PM
From: RealMuLan  Read Replies (1) of 6370
 
Gold Fields to build up its interests in China
November 11, 2003

By Reuters

Hong Kong - Gold Fields aimed to step up its investment in China's gold mining sector, Ian Cockerill, the chief executive, said at the weekend.

The company would like to acquire a majority stake and some operational control over one or more gold mining projects there.

"From what we have seen in China, the industry is well advanced," Cockerill said on the sidelines of the Hong Kong Gold, Diamonds & Precious Metals Investor Relations Workshop 2003 organised by South African Omega Investment Research.

He said more large western gold mining companies would invest in China, which he called the world's next major gold province.

Gold Fields' licensed pretreatment technology and mining expertise could be used in mining deep, complex deposits in China. Although the mines in China that he had visited were top quality, many Chinese miners had to date focused only on shallow mining.

Gold Fields already has a 50 percent stake in a joint venture with Australia-listed Sino Gold for exploration in Shandong province in eastern China. Gold Fields also holds a 10 percent stake in Sino Gold.

"The project is still in its early stages," said Cockerill of the Shandong joint venture.


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