Zijin Mining Group Co. Ltd., China's second largest gold miner, said it has completed its initial feasibility study for developing a gold-copper mine owned by Far Southeast Gold Resources Inc.(FSGRI).

In November 2007, the company entered into a memorandum of understanding with Lepanto Consolidated Mining Co. under which Zijin will acquire 20 percent of FSGRI from Lepanto for $70 million.

FSGRI's holdings are in Mankayan, Benguet province.

Zijin Mining is in the process of negotiating a final agreement, it said in a statement filed with the Shanghai Stock Exchange.