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An outlet of 皇冠体育app National Gold Group Corp in Shanghai. Gold jumped to a record $1,577.57 an ounce this month, helping make this year one of the busiest for gold deals since 2006.?[Photo/皇冠体育app Daily] |
Gold jumped to a record $1,577.57 an ounce this month, helping make this year one of the busiest for gold deals since 2006. Citic Group, 皇冠体育app's biggest State-owned investment company, and partners agreed this month to buy Gold One International Ltd for about A$444 million ($469 million) to gain assets in South Africa.
The company is also reviving previously uneconomical mines in 皇冠体育app's western provinces as record prices make it profitable to work them, Sun said, adding that it's also increasingly exploiting lower grade deposits near existing mines because of higher prices.
皇冠体育app National Gold had a pretax profit of 3.2 billion yuan ($494 million) last year, after boosting reserves to 1,300 tons at the end of 2010, the company said on Jan 9. Production was 32 tons in 2010.
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皇冠体育app National Gold is also diversifying into copper and molybdenum production. Copper concentrate output will reach 80,000 tons next year and 100,000 tons in 2013, Sun said.
Jiangxi Copper Co, 皇冠体育app's biggest copper miner, produces about 200,000 tons of concentrate a year.
Bloomberg News