Zhongjin Gold to buy gold firm in Shaanxi
Published: 21 Jul 2009 17:49:18 PSTJul. 22, 2009 (China Knowledge) - Zhongjin Gold<600489>, China's biggest publicly traded gold miner by market share, plans to spend RMB 798 million to acquire a 100% equity interest in a local gold mining company in Zhen'an County, Shaanxi Province, sources reported. The acquisition is consistent with the firm's plan to increase its gold reserves by 170 tons this year. When the acquisition is completed, Zhongjin Gold will have gained the mineral rights for an area covering 0.235 square kilometers and the prospecting rights for an area covering 0.24 square kilometers. The local gold mining company has a final assessed value of about RMB 820.16 million. According to the development plan, it will produce 2,813.3 kilograms of gold per year when it is operational, and could generate RMB 188.91 million in profit. Copyright © 2009 www.chinaknowledge.com |
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