Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36621)	5/6/2009 10:06:19 AM
From: LoneClone	Read Replies (1) \| Respond to of 195744

Central China Goldfields, CITIC in deal to develop gold mine miningweekly.com By: Reuters 5th May 2009 Central China Goldfields Plc said on Tuesday it signed a contract with the mining arm of CITIC Group, a Chinese government investment company, to develop its Dong Mao Huo gold mine in Northern China. The AIM-listed company said the contract mining deal would enable it to quickly put this near-surface gold project into production and would enable it to recover itsinvestment in the project. Dong Mau Huo is the first project which Central China Goldfields has taken from exploration acquisition to the planned production phase, the company said. Under the terms of the deal, CITIC Anhua, the mining arm, will build a 500-ton-per-day mining and processing plant, and will fund all the capital expenditure and operating costs. Central China Goldfields will receive 1,5-million yuan ($219 900) per year during the initial oxide phase of the mining, and will then receive 30 percent of the net profits from the key sulphide mining phase, it said. The company said it would also receive 250 000 yuan per year from CITIC Anhua for the first six years to recover historic expenditures. Central China shares were up 33,33 percent at 3,5 pence at 0810 GMT. They touched a high of 3,86 pence earlier in the session.