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Thursday, 16th June 2005 (4276 views)

Australian company Sino Gold has secured a mining licence for its Jinfeng project in China.<br/><br/>The largest ever investment by a foreign company in China's gold sector is thus under way.<br/><br/>Located in Guizhou province, it is the largest undeveloped gold deposit in China and will be the biggest gold mine in the country once fully developed, according to Sino Gold.<br/><br/>Jinfeng is scheduled to produce 180,000 troy ounces of gold annually, requiring an average operating cost of US $183/oz during the initial phase.<br/><br/>Known gold reserves are expected to last for 12 years, building up to production of approximately 300,000 ounces a year in the second phase.<br/><br/>Development of the initial stage is expected to require investment of around $70 million.<br/><br/>Sino Gold, based in Sydney, is already the only foreign company to operate gold projects in China at the Jianchaling and Zhanghiashan mines in Shaanxi province.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8760895"/>

 

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