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Wednesday, 26th January 2005 (4999 views)

Australian mining firm Sino Gold has secured funding to develop a key new gold mine in China, making it the first foreign company to do so.<br/><br/>The gold mine will be the second largest in China and is expected to produce around 180,000 ounces each year of the precious metal.<br/><br/>Nick Curtis, Sino Gold's chairman, told the FT: "Approval took place after a national interest debate [over foreign investment in the sector]. It should resolve any doubts people have as to whether foreign investment in the sector is welcome."<br/><br/>To help finance the mine, the company has secured a $40 million loan and hedged some of its gold reserves and resources.<br/><br/>The new Jinfeng deposit is situated within the Dian-Qian-Gui Golden Triangle, known as China's main gold producing region.<br/><br/>Although China is the fourth largest gold producer in the world, its mining sector has previously been mainly off-limits to overseas investors.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7651598"/>

 

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