According to the mining plan formulated by Zhaojin Mining, the scale of mining selection of this project will be expanded to 1500 t/d in the next stage on the basis of good profitability, and the annual output will reach 57,000 ounces.
According to the news from Zhaojin Mining (01818), its wholly-owned subsidiary, Xinghe, acquired 60% equity of West Gold Mining with a total transaction price of 180 million yuan, indirectly controlling the development of Auckland company Kowloon gold mine.
The Kowloon gold mine is located in Sierra Leone in Africa. The country is a friendly country to China, with a stable domestic situation. The development of the golden minerals industry has just started, with outstanding prospects and space. The Kowloon gold mine has all kinds of important licenses, complete and effective infrastructure, supporting mining facilities, and a large-scale mine with a nearly producing capacity. According to the mining plan formulated by Zhaojin Mining, the scale of mining selection of this project will be expanded to 1500 t/d in the next stage on the basis of good profitability, and the annual output will reach 57,000 ounces.
In addition, another reason why Zhaojin Mining was attracted to the acquisition is that the Kowloon gold mine has a good metallogenic geological structure and a larger prospecting potential. According to the authoritative institution report, the Kowloon gold mine area covers an area of 100km², including 8 gold metallogenic anomaly blocks, with a resource reserve of 4.9403 million tons of ore and a gold metal amount of 22,461.85 kg, with an average grade of 4.55g/t. The exploration work before this acquisition was mainly located in one block, and the remaining seven blocks had less work but showed good potential. After the acquisition is completed, Zhaojin Mining will increase exploration and exploration efforts in other blocks.
Zhaojin Mining was established in 2004 and listed on the Hong Kong Stock Exchange in 2006. It is a comprehensive gold producer and gold smelting enterprise that integrates exploration, mining, ore dressing, and smelting operations, and focuses on the development of the gold industry. In 2023, Zhaojin Mining achieved revenue of 8.424 billion yuan and net income of 838 million yuan.
It is reported that this acquisition is another strategic move for Zhaojin Mining to expand its layout in the African mining market after the acquisition of the Abuja gold mine in Africa, which is conducive to forming scale effect and synergy effect, and will significantly help Zhaojin Mining to assist in the co-construction of the Belt and Road Initiative, build industrial competitive advantages, and achieve win-win cooperation in all aspects in the future.