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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2222)	12/24/2003 12:46:43 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Gold Fields Enters Mine Venture in China Business Day (Johannesburg) December 24, 2003 Posted to the web December 24, 2003 Julie Bain Johannesburg GOLD Fields has entered into a strategic partnership with Chinese company Fujian Zijin Mining Industry (Zijin) to explore for and develop gold mines in China. Gold Fields is already part of an exploration joint venture with Sino Mining in the Shandong province of China, and the company is moving to build up its asset base outside SA. [AD-SIZE] Last week Gold Fields said it intended to develop its first South American gold mine at the Cerro Corona gold project in Peru within two years. Gold Fields said yesterday that it would buy $7,73m worth of shares in Zijin through its wholly owned subsidiary Orogen Holdings. This is about 5,7% of the float of 27% of the company in the initial public offering of Zijin on the Hong Kong bourse yesterday. Zijin is one of China's largest gold producers. The firm's main asset is the Fujian province-based Zijinshan Gold Mine China's biggest gold-producing mine. The company has interests in a number of other gold and base metal projects throughout China, ranging from grass-roots exploration to operating stage. After buying the shares Gold Fields said it planned to establish a joint venture. Initially, Gold Fields would hold 60% of the venture and Zijin 40%, with the joint venture exploring for and developing gold properties in China's Fujian province. As part of the venture, Gold Fields said it would invest the first 0,5m in exploration spending. The Zijin contribution would be "exploration licences, data, local knowledge, and (to) facilitate further tenement acquisition", Gold Fields said. allafrica.com