Monday, 28th July 2008 (375 views)

British mining companies are preparing to explore gold in Tibet, China according to the Telegraph.

The newspaper described the area of China as a "treasure trove of minerals".

Currently, Central China Goldfields is the sole British mining company to be operating in Tibet.

Managing director of the company, Jeff Malaihollo, said if his company wasn't doing it, someone else would.

Central China Goldfields has been in China since 2004 and started concentrating on Tibet since 2007, the newspaper said.

In 1999, the Chinese started a seven-year study into the resources of Tibet and found minerals valued at a total of £64.8 billion.

Nigel Clark, chairman of the China International Mining Group, said: "One has to understand and respect how business is done in China and appreciate that the only deals to be made in China will be those according to Chinese laws, rules and regulations."

In other news, Chinese gold mining company Lingbao Gold has won approval to develop a mine in the Kyrgyz Republic, according to Quamnet.

 

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