Jump to content

China National Gold Group Corporation

From Wikipedia, the free encyclopedia
China National Gold Group Corporation
Native name
中国黄金集团有限公司
Company typeState-owned enterprise
SEHK: 2099
IndustryMining, Retail, Contract Engineering, Irradiation Sterilization
Founded1979
Headquarters
Beijing
,
China
Key people
Lu Jin (Chairman)
ProductsGold, Copper, Silver, Molybdenum
Number of employees
23,092 (2024)[1]
Websitewww.chinagoldgroup.com

China National Gold Group Corporation (CNGC, Chinese: 中国黄金集团有限公司), also known as China Gold, is a centrally-administered state-owned enterprise primarily involved in the exploration, mining, processing, and refining of gold, copper, silver, and molybdenum. It was established in 1979 and operates under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC).

Mining operations

[edit]

Domestic operations

[edit]

CNGC's primary domestic mining assets include:

  • Chang Shan Hao (CSH) Gold Mine – Located in Inner Mongolia, this mine is one of China's largest open-pit gold operations, achieving commercial production in July 2008.[2]
  • Jiama Copper-Gold Mine – Situated in Tibet Autonomous Region, Jiama is a significant polymetallic deposit, producing copper, gold, molybdenum, silver, lead, and zinc. Phase I production started in 2010, and Phase II began in July 2018.[3] In 2013, a landslide at the site killed 83 workers, prompting environmental and safety reviews.[4]
  • Jinfeng Gold Mine – Acquired from Eldorado Gold in 2016 for US$300 million, this mine located in Guizhou Province is one of China’s largest gold producers, combining underground and open-pit operations.[5][6]

International operations

[edit]

CNGC actively pursues overseas resource acquisitions and joint ventures:

  • Kulu-Tegerek Copper-Gold Mine – A producing copper-gold mine located in the Kyrgyz Republic’s Chatkal District. It is 84% owned by China National Gold Group Corporation and 16% by China CAMC Engineering (Hong Kong), with the latter acting as EPC contractor. The mine includes both underground operations at the Kulu-Tegerek deposit and placer mining at the Suluu-Tegerek deposit. It was designed to process 1.8 million tonnes of ore annually, producing approximately 11,000 tonnes of copper, 600 kg of gold, and 4.6 tonnes of silver, with projected annual sales of US$100 million. Logistics and equipment delivery are coordinated by China Gold Trading (Shanghai).[7]
  • Soremi Copper Mine – In December 2013, CNGC acquired the copper mining subsidiary Soremi in the Republic of Congo from the Gerald Group, forming a joint venture for project development.[8] The mine entered production in 2017 and produces approximately 10,000 tonnes of copper cathode annually.[9]
  • Kluchevskoye Gold Deposit – In 2018, China National Gold entered a joint venture with India's Sun Gold to develop the Kluchevskoye gold deposit in Russia's Siberia region. China National Gold acquired a 70% stake in the project, which received Russian parliamentary approval in July 2018. The joint venture was formally announced during the 10th BRICS summit in Johannesburg, South Africa, highlighting the economic cooperation between member states. The project planned a pre-production investment of up to $500 million to develop an open-pit mine with an expected annual production capacity of 6.5 tonnes of gold.[10]

Previous bids and negotiations

[edit]
  • In 2012, CNGC unsuccessfully attempted to acquire Barrick Gold’s Tanzania operations for approximately $2 billion.[11]
  • In 2014, negotiations with Ivanhoe Mines regarding African copper assets ended without agreement.[12]

Other business areas

[edit]

In addition to mining, CNGC operates businesses in retail gold jewelry, refining, and irradiation sterilization services for food, medical, and cosmetics industries. It also engages in geological exploration, engineering construction, and publishes gold industry news as the official media for the Shanghai Gold Exchange and Shanghai Diamond Exchange.[13]

China National Gold is the only Chinese member of the World Gold Council.[14]

References

[edit]
  1. ^ "China National Gold Group Company Profile". Datanyze. Retrieved April 10, 2025.
  2. ^ "Corporate Overview". China Gold International Resources. Retrieved April 10, 2025.
  3. ^ "Corporate Overview". China Gold International Resources. Retrieved April 10, 2025.
  4. ^ "The price of gold". The Economist. April 6, 2013.
  5. ^ "Eldorado Gold to sell 82% stake in China's Jinfeng gold mine". Mining Technology. April 28, 2016.
  6. ^ "China National Gold Group's purchase of 82 pct stake in Jinfeng completes". China Daily. September 8, 2016.
  7. ^ Syrgak kyzy, Nuraiym and Robin Lee. "The Impact of Chinese Investments on the Gold Mining Sector in Kyrgyzstan," in Matthew S. Erie (ed.), A Casebook on Chinese Outbound Investment: Law, Policy, and Business, Cambridge University Press, 2025, pp. 212–232.
  8. ^ "Gerald Metals and China National Gold Group Complete Acquisition of Soremi" (PDF). Gerald Group.
  9. ^ "Zanaga Iron Ore to boost Congo's mining sector development". Energy Capital & Power. August 25, 2022.
  10. ^ [[URL to Reuters article] "India's Sun Gold and China's National Gold launch mining project in Russia"]. Reuters. July 27, 2018. {{cite news}}: Check |url= value (help)
  11. ^ "Barrick Gold Ends Talks with China National to Sell African Unit". Bloomberg. January 8, 2013.
  12. ^ "China National Gold Ends Talks with Ivanhoe Mines". Wall Street Journal. June 17, 2014.
  13. ^ "Company Profile". China National Gold Group. Retrieved April 10, 2025.
  14. ^ "China National Gold joins World Gold Council". World Gold Council. September 22, 2015.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=China_National_Gold_Group_Corporation&oldid=1287764683"