ZIJIN MINING GROUP COMPANY LIMITED 19 Jun 2014 |
In November 2010, the Ministry of Land and Resources of PRC put forward the "358" goal of geological prospecting to the public "to make significant development within three years, achieve material breakthroughs within five years and reshape the pattern of exploration and development of geological minerals within eight years". In October 2011, the State Council deliberated and approved Exploration Breakthrough Strategy Action Plan (2011-2020), geological exploration turned to be national strategy.
Substantial Investment Brings about Positive Returns In the past three years, with exploration spreading over 20 provinces in China and over ten countries, Zijin has achieved significant breakthroughs in geological exploration and developed a batch of super-large and large resources bases including Xinjiang Ashele Copper Mine, Mengku Iron ore Mine, Wulagen Lead and Zinc Mine, Inner Mongolia Sanguikou Lead and Zinc Mine; and ore concentrated areas including Yuanyan Daping gold mine in Yunnan province,Chongli Dongping Gold Mine in Hebei province, Luoning luyuangou-Hongnianggou gold Mine in Henan Province and Xunyang Xiaohe gold mine in Shanxi province; Norton Paddington Gold Mine in West Australia and Zeravshan Joint-Venture Gold Mine in Tajikistan Mineral exploration focusing on deep part and outside of mine turns out to be the most economic and effective method for Zijin to increase reserves. Zijin is keenly aware that from the market's perspective, exploration should be closely combined with development to stimulate its enormous vitality. In the past three years, the accumulated investment in geological exploration of Zijin was over 1.2 billion Yuan (equivalent to USD 19.45 million). Meanwhile, drilling, test pitting and costeaning covered 1.13 million meters, 90,000 meters and 130,000 cubic meters respectively. The increased reserves are: 202 tonnes of gold(equivalent to 6.49 moz), 1.45 million tonnes of copper, 90,000 tonnes of molybdenum, 6.24 million tonnes of lead and zinc, 643 tonnes of sliver, 180,000 tonnes of tungsten and 24.81 million tonnes of iron ore. Guidance by Market and perfect combination of exploration and development The application of economic geology theory helps Zijinshan Gold and Copper Mine overturn its old reserve mode. The calculated proven reserve in gold is 312 tonnes(equivalent to 10.06 moz), copper resource is estimated to be over 5 million tonnes. By conquering processing and smelting difficulties in calin type of gold ore, the gold reserves of Guizhou Shuiyindong Gold Mine increased from 54.1 tonnes(equivalent to 1.74 moz) to 107.3 tonnes(equivalent to 3.45 moz). Through exploration on deep part and outside of Xinjiang Ashele Copper Mine, the copper, resources increased from 350,000 tonnes to 6 tonnes of associated gold, 272 tonnes of sliver and 540,000 tonnes of lead and zinc have been obtained. Through exploration on deep part and outside of Dongshenmiao mine area in Wulate Houqi,Inner Mongolia, the proven reserves of lead and zinc owned by Zijin reaches over 3 million tonnes. In addition, the mining and processing project with annual capacity of 3 million tonnes invested by Zijin has been completed and put into production, which will also inject new vitality to the economic development in minority areas. Resource Integration and unified exploration The slow and unstainable devlopment of mine in China provides good opportunities for Zijin to realize resources integration. In Malipo County, Yunan province, Zijin integrated 23 mining rights and assets of 17 tungsten companies, greatly improving the local mining environment. As the first batch of unifie dexploration projects in Yunnan province, the tungsten reserve in Zijin Maplipo tungsten mine increased from 70,000 tonnes to 530,000 tonnes, ranking No.2 among national single mines. In Wuqia County, Xinjiang, after unified exploration, the zinc and lead reserve in Wulugan Tashi zinc and lead mine increased by 4.5 million tonnes and 780,000 tonnes respectively. In Li County, Gansu province, Zijin successfully acquired Gansu Long Ao Mining Company and Gansu Long Jin Mining Resource Company, invested in an Australian Listed company, and gold resources increased by 30 tonnes(equivalent to 0.96 moz) through unified exploration in Limin gold belt which is over 30 km in length. In addition, 11 gold mining rights have been set in Huijiabao Goldfield, Zhenfeng County and Xinreng County, Guizhou province after unified gold exploration. In the past three years, Zijin invested over 162 million Yuan in drilling exploration, increased 59 tonnes of gold (equivalent to 1.9 moz). Guidance by science & technology and integration of industry, education and research As the undertaker of the "Leading exploration" strategy, Zijin Mining General Institute of Geological Exploration has currently established four major geological exploration centers including the headquarters, the Southeast Center, the Northeast Center and the Northwest Center, and obtained Class A qualification in terms of solid mineral exploration, rock & mineral test and mineral processing experiment. By virtue of actively implementing the economic responsibility system and simulating the market-oriented operation, the positivity of exploration teams has been fully motivated. By the end of 2013, there were 602 geological professionals in total, among which, 7 are professor grade senior engineers, 97 people have senior title and 106 people have medium title. Through cooperation with Fuzhou University, Zijin Mining College has developed into the cradle and base for Zijin to train high quality mining talents.
Zijin's two major oveaseas projects, Zeravshan Joint-Venture Gold Mine in Tajikistan(ZGC) and Norton Paddington Gold Mine in Australia opeates steadily; Tuva Multi-Metal Mine in Russia and Taldybulak Levoberezhny Gold Mine in Krygyzstan have started trial production, all of above bring about precious experience and strong confindence to Zijin for its international development. Though the global mining industry is in a downturn, Zijin is fully prepared, targeting at the domestic and overseas markets. Zijin will make more efforts in resources merger and acquisition and resource exploration, and focus on the new business goal to become an extra-large international high-tech and efficient mining group. |
| Hits:6 |
|
distributed by
|
