Tajik PM receives delegation of Tajik-Chinese joint gold mining company

26/04/2016 10:50
Asia-Plus
Views: 4600

DUSHANBE, April 26, 2016, Asia-Plus – On Monday April 25, Tajik Prime Minister Qohir Rasoulzoda received a delegation of Tajik-Chinese joint gold mining company, Zeravshan Gold Company (ZGC).

The meeting reported focused on plans of bilateral cooperation between Tajikistan and China in mineral processing.

The two sides also exchanged views on improvement of production capacities of the company, creation of favorable conditions for production activity, and development of investment measures.     

ZGC has reportedly accounted for 36.3 percent of mining output produced in Tajikistan since the beginning of this year.

China’s Zijin Mining now owns 75 percent of the shares in ZGC.

The company was launched as a joint venture with Nelson Resources Ltd (44%) and the Tajikistan government (51%) and the IFC (5%) in 1994.  In September 2002, Avocet signed a heads of agreement to acquire the Tajik gold assets of Toronto-based Nelson Resources Ltd held through Nelson's subsidiary, Commonwealth and British Minerals Ltd.  The assets included a 44% interest in Zeravshan Gold Company.  In November 2004, Avocet increased its equity interest in ZGC from 49% to 75%.

In 2007, Zijin Mining Group Co acquired Avocet’s equity stake in Zeravshan Gold Company.

Zijin Mining Group Co., Ltd is listed on the Hong Kong Stock Exchange under the stock code of 2899.  In 2005, its gold production ranked 20th among global gold producers with a yield of 20.96 tons.  Since December 20th 2005, Zijin Mining has been included in the FTSE mine index.  On March 20th 2006, Zijin entered into the Dow Jones Offshore 50 Index.

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