China Nonferrous Metals Mining (Group) Co Ltd (CNMC) signed an agreement with Chaarat Gold Holdings Ltd on July 10, which CNMC will become the biggest shareholder in Chaarat owning 19.9% plus one share of its capital as well as the right to appoint two directors to the board of Chaarat.
"It is not feasible to disclose the subscription amount now." CNMC told China Business News (CBN) for the current incident concerning Rio Tinto and BHP Billiton.
The purchasing will be completed by CNMC's capital-holding China Nonferrous Metals Int'l Mining Co Ltd (CNMIM).
The CNMIM investment will be used on Chaarat's gold project in Kyrgyzstan. At the present time this project has an area of 604.6 square kilometers holding 3.34Moz of gold at a grade of 4.30 g/t (JORC compliant in the Indicated and Inferred categories) had been delineated.
According to CNMC, the current exploration is only within 165 square kilometers. With the ongoing exploit, a world-class big gold mine is envisioned.
The subscription is subject to the regulatory approval of the Chinese Government.
For more information, please consult the original coverage in Chinese at:
http://www.china-cbn.com/s/n/000004/20090715/000000120679.shtml
(China.org.cn by Li Xiaohua July 17, 2009)
