Geo2 Ltd. - Processing & Refining Gold Message Board

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Gold/Mining/Energy : Geo2 Ltd. - Processing & Refining Gold

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To: richard badauskas who wrote (24)	9/23/1998 1:43:00 PM
From: richard badauskas	Read Replies (1) of 52

The Geo2 Chinese refinery is planning to step up production of gold concentrate to 300 tonnes per day within 48 months. At a head grade of +2 ozs. per tonne the refinery should be able to produce 200-250,000 ozs. of gold per annum plus substantial silver and other metal credits. The precious metals are contracted to be sold to the Bank of China owned by the Chinese Government. As background material the following quoted material appears in to-days China Economic Times. "An expert says that China should boost the proportion of gold reserves in its foreign exchange reserves to guard against financial risks. China's gold reserves were 397 t. (3% of total foreign reserves), quoting Liu Shanen, vice director of the Gold Economic Development and Research Institute under the State Metallurgical Industry Bureau. China should boost gold reserves to 1000-1,500 tonnes, accounting for 6.0-8-0% of its $140.5B in foreign exchange reserves, Liu said. China was the world's third largest gold consumer and fifth largest gold producer, but in terms of gold reserves it ranked only 12th, he said".

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