China Precious Metal to acquire two gold mines

摘要

Gold miner China Precious Metal nResources has entered into a sales and npurchase agreement with Simple Best to nacquire two of its gold mines in China’s nHenan province for HK$1.38 billion ($178 nmillion), the Hong Kong-listed company nsaid Friday. Both mines are located in nBaitu, Luanchuan county. China Precious nMetal said Mine I, which covers a min-ning area of 4.5323 sq km, has indicated nJORC-compliant reserves of 14.9 mt at an naverage grade of 6.08 g/mt, according to na report by independent technical adviser nMinarco-MineConsult. The mine currently nproduces more than 70,000 mt/year of nore, the company said. Meanwhile, China nPrecious Metal is currently in the proc-ness of getting a mining license for Mine nII, which covers an area of 17.06 sq km.