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Wednesday, June 23, 2010

China National In Deal With US Coeur Alaska

Coeur Alaska, Inc. has inked a deal with China National Gold Group Corporation, which is now China's largest gold producer. The amount will be for about half the projected gold output from the new Kensington gold mine in Alaska.

The Kensington mine will begin production shortly, according to Coeur's website.

It should produce 50,000 oz of gold in 2010 and average 125,000 oz/year over an initial 12.5 year life based on current reserves of 1.5 million oz.

Presently, China National Gold runs about 60 gold mines in China, which is more than 20% of the country's total gold production.