Thursday, 31st July 2008 (515 views)

Lingbao Gold, a Chinese gold company, has said it is to develop a gold mine in Kirghizia.

The announcement came after the business won approval from the National Development and Reform Commission, a Chinese economic planner.

Lingbao Gold will gain the mining rights to the mine - named Istanbul - from Bridge Corporation and China Road after paying $25.3 million (£12.8 million) through its subsidiary company Full Gold Mining.

The money will be issued by the China Development Bank as a bank loan.

Istanbul has not yet been exploited and so has currently 23.48 tonnes of proved gold resources and reserves.

Kirghizia is officially named the Kyrgyz Republic and is located in central Asia.

On its borders are China, Kazakhstan, Tajikistan and Uzbekistan.

Meanwhile, earlier this month it was announced that the China National Gold Group found a new gold vein in the Na Neng mine with an estimated 15 tonnes of gold.

 

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