Jan. 24, 2008 (China Knowledge) - Sino Gold Mining Ltd<1862>, the largest overseas investor in China’s gold industry, had witnessed the output increase of the precious metal in its Jinfeng site in the fourth quarter of 2007, according to sources.
The output in the fourth quarter more than doubled the previous quarter to reach 32,186 ounces, said the company, and the output this year is expected to reach between 170,000 and 19,000 ounces, with a cost at US$300 per ounce. Jake Klein, the Chief Executive Officer, this month forecast a return to profit this year as output from Jinfeng gains.
The Sydney-based company intended to set up three more mines in China to increase the annual output to 500,000 ounces, as the gold price recently reached a 7-year record high.
Sino Gold Mining Ltd's principal activities are mining and processing gold ore, selling recovered, gold exploring as well as developing mining properties.
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