AFTER buying mineral rights and backing new mines across West Africa and Latin America, the Chinese state is buying gold from a new Gold Mining project in Alaska, USA, newswires report.
The deal between state-owned China National Gold – the largest Gold Mining producer in China – and the New York/Toronto-listed Coeur d'Alene miner will see it buy and process gold concentrate from the north-west US state's Kensington site, estimated to hold 1.5 million ounces of gold reserves.
China National Gold operates around 60 Gold Mining projects in China – now the world's No.1 producer nation – and accounts for over a fifth of Chinese output. It also owns and operates smelting and refining plants said to be "world-class" by Coeur's director of corporate communications, Tony Ebersole.
Overseen by the state-owned Assets Supervision and Administration Commission, China National Gold today signed a "strategic agreement" with the East China Mineral Exploration (ECE), a mining developer owned by the Jiangsu provincial government which holds extensive mineral rights in China, Australia, Africa and Canada, according to Dow Jones Newswire.
China National Gold's president, Sun Zhaoxue, said in a statement that his company will help ECE increase its Gold Mining exploration by sharing its experience and expertise in mining finance.