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Zijin Mining Looks to Acquire Stake in Kyrgyzstan Gold Miner

By Joel ScanlonAug 17 2011

Zijin Mining Group wants to buy a 60% stake in Altynken LLC, a Kyrgyzstan based gold mining company. The proposed $66 million bid is subject to approvals from both the Chinese and Kyrgyzstan governments. It filed its intentions to the Hong Kong bourse on Tuesday.

If the deal should go through Zijin Mining group will have access to the Taldy-Bulak Levoberejny field gold mine in Kyrgyzstan. Altynken currently holds mining and production licenses for the mine. The field is located 120 km from the capital city of Bishkek and roughly 25 km away from the nearest railway line.

Zijin Mining Group is the largest gold producer in China and operates the Zijinshan Gold Mine, the biggest open pit gold mine on the mainland. The company is anticipating gold prices to rise to $1,900 per ounce by the end of the year.

The company has been in trouble with the Chinese government after a toxic spill from its mine in the Fujian province caused damaged to the neighboring areas. The company had to pay a fine of $4.6 million for the toxic spill which occurred in July 2010.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Zijin Mining Looks to Acquire Stake in Kyrgyzstan Gold Miner. AZoMining. Retrieved on November 25, 2024 from https://www.azomining.com/News.aspx?newsID=4740.
MLA
Scanlon, Joel. "Zijin Mining Looks to Acquire Stake in Kyrgyzstan Gold Miner". AZoMining. 25 November 2024. <https://www.azomining.com/News.aspx?newsID=4740>.
Chicago
Scanlon, Joel. "Zijin Mining Looks to Acquire Stake in Kyrgyzstan Gold Miner". AZoMining. https://www.azomining.com/News.aspx?newsID=4740. (accessed November 25, 2024).
Harvard
Scanlon, Joel. 2019. Zijin Mining Looks to Acquire Stake in Kyrgyzstan Gold Miner. AZoMining, viewed 25 November 2024, https://www.azomining.com/News.aspx?newsID=4740.