Guizhou Mining 'wants more mines in China'

Online, November 28, 2009 (Newswire.com) - Hong Kong Based Company Guizhou Mining has said it wants to buy more gold mines in China in order to increase its presence in the country.

David Lucas head of institutional trading at Dai-Ichi Financial said "Our focus is on an investment opportunity with a potential such as Guizhou Mining who currently produce in excess of 100,000 ounces of gold a year."

The mining organisation has been in China since 2007and currently has four mining projects in the country.

One of these is the Jinfeng gold mine in the Guizhou province, of which the company has an 100 per cent stake.

Jinfeng produced 56,981 ounces of gold in 2007 and Guizhou Mining said it plans to increase this to 180,000 ounces by 2009.

In addition, the White Mountain project - which has a great potential of being Guizhou Mining's next big mine could produce up to 70,000 ounces of gold by 2010.