Wednesday, January 23rd 12:52 PM IST

China Gold International Gold output hits 138,000 oz in 2012

# China gold  # largest gold consumer  # CNGC  # Jiama mine  

China Gold International, the Canada based Toronto and Hong Kong listed firm said the production was much higher than the set target of 130,000 to 135,000 ounces.

BEIJING(BullionStreet): China's largest gold producer CNGC's overseas division China Gold International Resources produced 138,000 ounces last year.

China Gold International, the Canada based Toronto and Hong Kong listed firm said the production was much higher than the set target of 130,000 to 135,000 ounces.

China Gold International has also maintained its overseas asset acquisition efforts, despite not having clinched any deal in the past two years.

China National Gold's exclusive acquisition vehicle overseas has previously acquired or operated overseas firms with assets in mainland China.

China National Gold took over China Gold International, formerly Canadian-run Jinshan Gold in 2008 and now owns a 39 per cent stake.

China Gold International subsequently took over the Jiama mine near Lhasa, Tibet, that produces copper, molybdenum, gold and silver.

The firm plans to spend $212 million Canadian dollar to double the Chang Shan Hao mine's annual output capacity to 260,000 ounces by late this year, and reach full production by early 2015. The mine will produce for 11 years.

 

 

 

 

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