Sino Gold starts building Jinfeng mine in China
Posted online: Saturday, July 02, 2005 at 0050 hours IST
JULY 1: Sino Gold Ltd started construction last month of the Jinfeng mine in China’s southwestern Guizhou province and will produce 6 tonne of gold a year starting late next year, Beijing Antaike Information Development Co said in a report on Friday.
Sydney-based Sino Gold and Guizhou Gold Corp, a Chinese company, have set up a joint venture to develop the mine, which has a reserve of 100 tonne, Antaike, the research affiliate of the China Nonferrous Metals Association, said in the report.
The project will be the biggest investment by an overseas company in China’s gold industry and Jinfeng will be the country’s second-largest gold mine, Sino Gold said in a statement to the Australian Stock Exchange in January.
Sino Gold may further boost production at Jinfeng, which has at least 12 years of output with the existing reserve, to 10 tonne a year, Antaike said, citing Sino Gold’s chief executive Jake Klein.
—Bloomberg
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