Thursday, 16th June 2005 (2510 views)

Australian company Sino Gold has secured a mining licence for its Jinfeng project in China.

The largest ever investment by a foreign company in China's gold sector is thus under way.

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.

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.

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.

Development of the initial stage is expected to require investment of around $70 million.

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.

 

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