China National Gold and Kazakhaltyn established JV on production of gold in Kazakhstan

07.09.05 23:07
/INTERFAX-CHINA, Shanghai, September 7, 05/ - Chinese company China National Gold Group Association and Kazakhstani Mining and smelting concern Kazakhaltyn (Kazakhaltyn Mining Co. Ltd.) signed contract about establishment of joint venture on development of gold fields in Kazakhstan. As high-ranking employee of Chinese company's international collaboration department, who wished to remain nameless, informed Interfax-China "this is the first for China National Gold project on development of gold fields abroad". "As a next step we are conducting field investigations in Russia and Mongolia in order to ascertain opportunities for gold development through establishment of JV with local companies ", - the source added. In his words, at present time Chinese and Kazakhstani companies are working on registration of JV, which should start its operation in 2006. For 2007 starting of production output is planned. Main stake in establishing JV will belong to Chinese party. "We will give credits, technologies, provide elaboration of project and construction of mine, and also management of modernization process and expansion of gold-ore mines, which belong to Kazakhaltyn, - the source said. - Total amount of investments in project is to be specified". The project stipulates for processing of 1-1.5 th. tons of ore a day. "During last years we supplied Kazakhaltyn -as well as other companies in Russia, Mongolia, Africa, South America - with equipment for gold-ore mines, and this worked our way for development of gold-mines there in future", - the source noted. [2005-09-07]