Posted February 24, 2018 07:07:22A rare silver-mining company in China is making a major step toward the opening of a mine that could yield millions of dollars in revenue.
A subsidiary of Chinese conglomerate Sinos, the mining company is in the process of opening a gold-mining site in the mountains of Zhejiang Province, the China National Petroleum Corporation said in a statement on Friday.
The project, located on the borders of Hubei Province, is expected to produce as much as 30 million ounces of gold each year, the company said.
“Zhejiang will be the first mining center in the world to make this step.
It will create hundreds of thousands of new jobs, which will be shared between local citizens and foreign firms, as well as international companies who are interested in the project,” the company’s chairman, Liu Hui, said in the statement.
Sinos owns a majority stake in the company, which plans to invest at least $1.2 billion in the Zhejian mine.
The company has set up a special committee to oversee the development of the project, which is expected, according to the statement, to attract up to 50,000 foreign investment in the mining industry.
Liu said that the company hopes to open the mine in 2020, with a completion date to be decided later.
The mine, which also has plans for another gold-mine in Hubeisi, will be located at a location where gold deposits have been mined for at least 150 years.
Zhejuan is a mountainous region in northern China.
It has an average elevation of 8,300 meters, according the China Geological Survey.