Gold prices soaring gold mining upsurge

A few days ago, the China Gold Group and the Geological Exploration Bureau Non-ferrous Metals East China Geological Exploration Bureau signed a signing ceremony for strategic cooperation in Nanjing.
Sun Zhaoxue, general manager of China National Gold Group Corporation, said that in the future, China will fully use the mineral rights and funding platform of the China National Gold Group and the experts and equipment advantages of the East China Exploration Bureau, increase investment in prospecting, and carry out prospecting and other multi-faceted and multi-level cooperation. Realize the rapid development of the scale of resources.

This is another move taken by the China Gold Group on the prospecting road. The day before, Coeur d`Alene, a US precious metals mining company, announced that it has signed a joint development agreement with China National Gold Group for the Kensington Gold Mine in Alaska. China National Gold Group will purchase and process gold concentrate products produced in the mine.

Various mining efforts are not unrelated to the recent strong gold trend. At present, the price of international gold has approached 1,250 US dollars per ounce, which is a five-fold increase from the price of 250 US dollars per ounce in 2001. Tan Yaling, an international researcher at the Bank of China, pointed out that the current international market has formed a new three-legged dollar, oil, and gold, so the status of gold must not be underestimated.

The demand in the Chinese market is more optimistic. Zheng Lianghao, managing director of the Far East Area of ​​the World Gold Council, said: "We expect that the growth rate of China's gold demand will exceed the growth rate of China's economy each year.

Under this background, foreign companies also come to China for gold. According to reports, China’s largest foreign gold company, Canadian Eldorado Gold Corporation, has invested 300 million yuan annually for resource exploration in 2003, and can increase its gold resources by 30 tons each year. “We have further exploration for the Jinfeng Gold Mine in Guizhou, which has been supplemented with grades. It is expected that reserves will increase further.”

Another domestic gold giant Zijin Group has just signed a “Strategic Cooperation and Cooperation Agreement on the Exploration and Development of Precious Metal Resources in Honghe Prefecture” with the Honghe Prefecture Government of Yunnan Province and decided to form a joint venture “Honghe Zijin Mining Risk Exploration and Development Co., Ltd.”.

In addition, it is understood that Shandong Zhaojin Mining has also been conducting exploration in Xinjiang and Gansu.