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Zijin Mining, Barrick Gold ponder beneficial business relationship

Updated: 2012-02-27 15:16

China's largest gold producer, Zijin Mining, has reported that its Vice Chairman Lan Fusheng recently met in Beijing with Barrick CEO Aaron Regent to discuss potential opportunities for future cooperation with the world's largest gold miner.

In a news release issued Saturday, Lan Fusheng said Zijin can learn a lot from Barrick regarding global merger and acquisition.

In addition to Lan, the general manager Zijin Northeast Asia Co. Ltd. Guo Zhibin, members of the Canadian gold association and Qian Yujun from Citigroup Global Market Asia also attended the meeting with Barrick.

During the meeting Regent said Zijin has received "significant attention worldwide from other mining companies worldwide for its fast development, large mining reserves, strict cost control and fine profit index," the Zijin news release said. "Barrick is looking forward to establishing beneficial relations with Zijin."

Lan said he and Regent also exchange views on gold price trends, future demand for gold, labor costs of mining enterprises, mine construction and countries to invest in.

Zijin Mining Group is located in Shanghai County in China's Fuijan Province. It is a large-scale, state-owned mining group centered on prospecting and development of gold and basic metals.

With subsidiaries in 20 Chinese provinces and nine nations, Zijin is China's largest gold producer and operates the country's largest gold mine, the Zijinshan Gold & Copper mine. The company is also China's second largest copper producer and the fifth largest zinc miner.

The company aspires to be ranked among the world's largest mining companies by 2020.


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