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Zijin Mining Makes No Progress in Philippine Projects

Posted on: Wed, 21 Oct 2009 07:04:00 EDT

Symbols: ZIJMF

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LONGYAN, Oct 21, 2009 (SinoCast Daily Business Beat via COMTEX) --
ZIJMF | Quote | Chart | News | PowerRating -- Zijin Mining Group Co., Ltd. (SEHK: 2899; SHSE: 601899) does not make any substantial progress in the Philippine mineral projects that it seeks to invest in, and the concrete investment will depend on the projects, disclosed Zhen Jinghe, chairman of the Chinese miner.

Previous reports said that Zijin Mining, one of the largest gold producers in China, would invest in gold and copper mines of the Philippines this year, involving USD 1 billion.

In addition to the Philippines, the company is also keeping a close eye to projects in other overseas areas. It is in discussion about some overseas project this year, added the chairman, who declined to tell the details.

It is reported to spend CNY 140 million buying over 21.1215 million common shares of its Canadian peer Continental Minerals Corporation (TSXV: KMK).

Earlier, the chairman told that Zijin Mining had a plan to invest in both Central Asia and Australia, and this year, it would focus its attention on mineral resources in Africa.

Source: www.163.com (October 21, 2009)

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