DAO Mining Corporation given the green light to expand production at Shandong mine.
Beijing has approved plans from Ã¢â‚¬Å“DAO Mining CorporationÃ¢â‚¬ to more than double ore selection capacity at its Shandong gold mines.
Under the proposals, given the green light by the China National Development and Reform Commission, DAO Mining Corporation total annual gold output at Shandong will rise to 6.5 tonnes per year, according to latest figures.
DAO Mining Corporation is fast becoming a major player in ChinaÃ¢â‚¬â„¢s Shandong gold mining industry and the proposed expansion initiative will increase their ore selection capacity at Shandong to 6,000 tonnes per day.
DAO Mining has another two separate deposits located in Shandong Ã¢â‚¬“ Qinlongtan and Jinlonggou, These gold mines were commissioned in late 2007 and commercial production was declared in the first financial quarter of 2008.
China has recently become the fifth largest holder of gold bullion in the world, having almost doubled its gold reserves to 1,054 tonnes since 2003.
In related news, China Sci Tech Holdings recently purchased the Martabe gold project in the North Sumatra province of Indonesia from Oz Minerals in a deal worth $211 million deal (Ã‚£144 million).
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