Coeur d'Alene Mines Corporation (ASX:CXC) Enters Into Contract with China National Gold
Sydney, June 23, 2010 AEST (ABN Newswire) - Coeur d'Alene Mines Corporation (NYSE:CDE) (ASX:CXC) (TSE:CDM) said today that its wholly owned subsidiary, Coeur Alaska, has entered into a contract with China National Gold Group Corporation for the purchase and processing of gold concentrates produced at Coeur's new Kensington gold mine.
The Kensington mine, which will start production shortly, is expected to produce 50,000 ounces of gold this year and average approximately 125,000 ounces of annual gold production over and initial 12.5 year life based on current reserves of 1.5 million ounces. The contract with China National Gold relates to about half of the concentrates to be produced at Kensington.
Coeur says this agreement is the first of its kind between a Chinese state-owned enterprise and a US precious metals mine.
China National Gold, China's largest gold producer, operates approximately 60 gold mines in throughout the country, representing over 20 per cent of China's total gold production.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: firstname.lastname@example.org