Friday, 29th June 2007 (2354 views)

Gold mining company Zijin Mining has acquired a 75 per cent stake in a gold producer, it has been revealed.

Zijin, following its recent acquisition of Commonwealth and British Minerals for $170 million (£8.5 million), purchased the shares in its subsidiary - Tajikistan's Zeravshan Gold for $55 million.

Zeravshan owns gold mining and exploration rights to a 300,000-hectare area near the town of Penjikent in Tajikistan, central Asia.

Shares in Zijin rose following the news today (Friday June 29th), after they had been suspended on Thursday.

According to Xinhua a company statement reveals the deal has been approved by China's National Development and Reform Commission.

Xinhua claimed Zijin Mining Group produced 49.28 tonnes of gold last year, equivalent to 20 per cent of the country's total output, which also revealed that it set up 88 subsidiary companies across over 20 provinces in China last year.

 

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