23. Sep 2009
Jinshan to acquire Gyama mineral property
(TibetInfoNet) Jinshan Gold Mines Inc. has announced that it has executed a memorandum of understanding with China National Gold Corporation "and another partner" to acquire a 100% interest in the Gyama (Chin: Jiama) mining property. Gyama, which is situated in Gyama township in Maldrogongkar (Chin: Mozhugongka) county in Lhasa Municipality, is currently in the development stage, and it is planned to be an underground mining operation with a production capacity of 6,000 tonnes per day. The operation will produce a copper concentrate with gold and silver and a molybdenum concentrate. A protest occurred at Gyama on 20 June 2009 during which three Tibetans were injured. The authorities reportedly refused to intervene to settle the dispute, claiming that China National Gold should find a way to accommodate locals concerns. Jinshan is a Chinese mining company operating from Canada. China National Gold Corporation is a Chinese state-owned enterprise and China's largest gold producer; it owns approximately 41% of Jinshan's shares.