China's Zijin invests $114 mln in Russia in 2013
MOSCOW. May 5 (Interfax) - China's Zijin Mining invested CNY712 million (about $114 million) in the development of the Kyzyl-Tashtyg polymetal deposit in Tuva in 2013, company materials state.
Zijin has invested CNY2.88 billion (over $460 million) in the project since it began out of a planned CNY3 billion ($480 million at current exchange rate).
Zijin took an interest in the Kyzyl-Tashtyg deposit in 2007 and construction of a mine and processing plant began in 2009. Production was initially scheduled to begin in 2012, but was the launch was later pushed back to 2013. Zijin materials state that construction is now expected to be completed and the mine and plant launched in 2014. The facility is expected to have capacity of 90,000 tonnes of zinc per year.
The Kyzyl-Tashtyg deposit's main elements are zinc, lead, copper, barium and sulfur, and associated elements are gold, silver, cadmium and selenium. Total B+C1+C2 reserves of polymetal ore amount to 12.9 million tonnes.
Zijin closed 2013 with a net profit of CNY2.86 billion ($457 million). The company produced 3.5 million ounces of gold, 332,800 tonnes of copper and 253,400 tonnes of zinc in 2013, respectively 20%, 50% and 37% more than in 2012. In the first quarter of 2014, the company produced 7.1 tonnes (about 251,000 ounces) of gold, 29,700 tonnes of copper in concentrate and 22,000 tonnes of zinc, respectively 6.85%, 16.5% and 32.9% more year-on-year.
Zijin Mining is the leading gold producer in China, the second largest copper producer and one of the leading producers of zinc, tungsten and iron ore. The company, whose principal shareholder is the government, owns assets in China, Australia, Peru, Russia, Kyrgyzstan, Mongolia and Tajikistan.