“We aim at large-scale mines with good potential in countries that have close ties with China and domestic stability,” President Sun Zhaoxue, 48, said in an interview in Shanghai. “Gold prices will foreseeably fluctuate at historically high levels for another three years.”
Gold jumped to a record $1,577.57 an ounce this month, helping make this year among the busiest for gold deals since 2006. Citic Group, China’s biggest state-owned investment company, and partners agreed this month to buy Gold One International Ltd. for about A$444 million ($469 million) to gain assets in South Africa.
The value of announced gold deals so far this year stands at $16.8 billion, more than the totals for the entire year in 2009 and 2008, according to data compiled by Bloomberg.
China National, owner of the Yangshan deposit in Gansu province, may also invest in Southeast Asia and Central Asia, Sun said. It currently doesn’t operate any mines outside China.
The company is also reviving mines that were uneconomical in China’s western provinces as record prices make it profitable to mine them, Sun said, adding that it’s also increasingly exploiting lower grade deposits near existing mines because of higher prices.
Production Boost
China National Gold had a pretax profit of 3.2 billion yuan last year, after boosting reserves to 1,300 metric tons at the end of 2010, the company said on Jan. 9. Production was 32 tons in 2010.
The extra production may boost China’s output to 400 tons in three years, Sun said May 27 at a conference in Shanghai.
China National Gold is also diversifying into copper and molybdenum production. Copper concentrate output will reach 80,000 tons next year and 100,000 tons in 2013, Sun said. Jiangxi Copper Co., China’s biggest copper miner, produces about 200,000 tons of concentrates a year. For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
gold
- Gold will climb toward $1,900 an ounce first half 2013
- Why Gold prices down analysis jan 7 2013
- Gold Prices expected Bullish Next Week
- Analysis forecast Gold prices in india 2013
- Why gold futures prices Down, Analysis december 26 2012
- Analysis gold prices for next week december 17-21 2012
- Goldman Sachs forecasts gold prices 2013-2014
- Analysis Gold prices dec 3 2012
- Gold, Silver Prices rose watch U.S budget deal
- Gold futures down in Asia trading november 14 2012
- analysis gold prices next week november 12-16 2012
- MCX Gold trend for november 12-16 2012
- Analysis Gold prices after obama win
- Analysis gold prices next week November 5-9 2012
- MCX Gold prices down october 30 2012
- Gold prices prediction next week october 29 2012
- Spot Gold prices expected down october 2012
- gold prices for next week october 22-26 2012
- gold futures prices expected week october 15-19 2012
- gold prices for next week october 8-12 2012
- how will Impact tensions in the Middle East on Gold Prices
- Gold Prices predicted $2,400 summer 2013
- Gold futures Prices october 4 2012
- Technical Forecast Gold, Silver prices october 1-5 2012
- Gold prices prediction october 1-5 2012
No comments:
Post a Comment