Gold News

China gold mine pours first gold

The first gold has been poured at the CSH 217 gold mine in China.

Operator Jinshan Gold has announced the pouring of its first 500-ounce gold dore bar, which marks the start of what could be a yearly output of 120,000 ounces. Full production at the property is expected to be achieved within a few months.

"The commencement of production at our first gold mine in one of the world's largest gold producing nations is a major milestone for Jinshan," said Jay Chmelauskas, the firm's president.

"We now have a proven development track record with an exceptional team of mine builders to support our growth strategy in Asia."

He added that, now that cash flow was being generated from the mine, the company is "well positioned for expansion".

Current resources at the mine amount to around 2.9 million measured and indicated ounces of gold.

A recent survey conducted by Gold Fields Mineral Services found that China overtook Australia to become the world's third largest producer of gold last year.

It is also a major consumer of the precious metal, ranking third after the US and India.


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