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China's gold giant Zhongjin to acquire assets in Xinjiang

Feb. 28, 2012 (China Knowledge) - Zhongjin Gold Corp<600489>, China's largest publicly traded gold miner by market value, has announced plans to acquire a 51% stake in Tuoli Jinfu Gold Mining Ltd at a consideration of RMB 108.5 million to own exploration rights in the Xinjiang Uygur Autonomous Region.

In a statement filed with the Shanghai Stock Exchange, the Chinese gold giant said it expects to have rights to develop a gold mine in Tuoli County, Xinjiang.

The entire gold asset, which covers an area of 1.49 square kilometers, is valued at RMB 156.56 million by China Lianhe Credit Rating Co Ltd.

Zhongjin Gold did not disclose the gold output capacity for its stakes in the gold mine.

The biggest gold miner in China estimated that its net profit for 2011 might have surged more than 50% from a net profit of HK$1.2 billion it realized in 2010.  

Shandong Gold Mining Co<600547>, one of Zhongjin Gold's domestic rivals, also expects over 50% profit growth for last year.

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