Thursday, 31st July 2008 (492 views)

China's top listed gold producer is looking abroad for future gold properties, reports China Daily.

Zijin Mining is currently in talks to acquire a gold mine in Africa.

However, the company said that after acquiring seven mining licences and 11 exploration licences in the past 12 months it is now going to be more selective.

There are concerns the price of gold may being to turn around in a short period of time.

Gold accounted for 64 per cent of Zijin's total sales for the first six months of 2008.

Chairman of the company Chen Jinghe said: "For now, it is hard to predict the outcome of the African project as we are quite apart on the price."

In addition, Zijin said it has hopes for its existing projects in Tajikistan where it currently has two gold mines.

Mr Chen said the company plans to invest one billion yuan in the mines to further boost production.

Tajikistan is in central Asia and is bordered by China, Afghanisatan and Uzbekistan.

 

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