China seeks mining gold deposits in Venezuela
China International Gold Resources Corp, a subsidiary of CNGGC and formerly
known as Jinshan Gold Mine, on Wednesday began their subscriptions for release
in Hong Kong, which it hopes to raise up to $ 309 million.

EL UNIVERSAL
Thursday November 18, 2010 10:11 a.m.
Beijing .- China National Gold Group Corporation (CNGGC), the leading gold
producer China, announced it is looking for sites in countries like Brazil,
Venezuela, Russia, Mongolia or Congo, reported the official newspaper China
Daily. "

CNGGC increase its annual production capacity of 50 tons over the next five
years, and up to 40 percent of them will be produced abroad.

Haiqing Du, vice president of the firm, said during a conference in Tianjin
(southeast of Beijing) who are seeking foreign reserves to expand its production
by 20 tons by the end of 2015.

"We are looking for sites in Congo, Brazil, Russia, Venezuela and Mongolia, and
most of them are in the early stages of geological exploitation," Du said the
newspaper.

China International Gold Resources Corp, a subsidiary of CNGGC and formerly
known as Jinshan Gold Mine, on Wednesday began their subscriptions for release
in Hong Kong, which it hopes to raise up to $ 309 million (226 million euros).

According to the manager, CNGGC this year will reach a record production of 32
tons, compared with 28 tonnes collected in 2009 to take advantage of high demand
for this metal in China.

With some 70 sites throughout China, the state produces 10 percent of the
national gold and its reserves will reach 1,300 tons this year from the 275
which accounted in 2006.

China, the largest gold producer and third largest consumer in the world,
expects higher production in 2010, when it exceeded 320 tons so far this year,
Efe reported.

Last year, Chinese gold production increased by 11.3 percent up to 313.9 tonnes,
13 percent of the global total.

Global demand for gold rose in the third quarter by 12 percent year to the 922
tons due to increased consumption in emerging economies like India, China,
Russia and Turkey, according to the World Gold Council (WGC, for its acronym in
English) published this week.


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