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Thursday, 31st July 2008 (1293 views)

Australian company Sino Gold Mining has said it wants to buy more gold mines in China in order to increase its presence in the country.

Chief executive of Sino Gold Mining Jake Klein said: "Our focus is an asset with a potential to produce 100,000 ounces of gold a year."

The mining organisation has been in China since 1996 and currently has four mining projects in the country.

One of these is the Jinfeng gold mine in the Guizhou province, of which the company has an 82 per cent stake.

Jinfeng produced 56,981 ounces of gold in 2007 and Sino Gold Mining said it plans to increase this to 180,000 ounces by 2009.

In addition, the White Mountain project - which the business has a 95 per cent interest in - is expected to start production later this year and could produce 70,000 ounces of gold by 2010.

Meanwhile, late last year Sino Gold Mining bought the Eastern Dragon Deposit and the Golden China Resources company.

 

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