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Wednesday, 29th April 2009 (1270 views)

Beijing has approved plans by Shandong Gold Mining to more than double ore selection capacity at its Jiaojia gold mine.

Under the proposals, given the green light by the China National Development and Reform Commission, Jiaojia's total annual gold output will rise to 6.5 tonnes per year, according to Reuters.

Shandong Gold is China's leading gold miner and the new expansion initiative will increase its ore selection capacity at Jiaojia to 6,000 tonnes per day.

Located in eastern China, the Jiaojia gold mine was put into production in 1980 and the company was transferred to Shandong Gold in 1988.

China has become the fifth largest holder of gold bullion in the world, having almost doubled its gold reserves to 1,054 tonnes since 2003.

In related news, China Sci Tech Holdings recently purchased the Martabe gold project in the North Sumatra province of Indonesia from Oz Minerals in a deal worth $211 million deal (£144 million).

 

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