Help Desk -
9958816305, 9810335381

Chifeng Jilong Gold Mining to Restart Gold Production at Sepon Mine in Laos

Mining News - Published on Mon, 18 May 2020

Image Source: Chifeng Jilong Gold Mining
China's Chifeng Jilong Gold Mining Co has started processing gold ore from its Sepon mine in Laos, marking the first time the project has produced gold in almost six and a half years. Chifeng Jilong said that the launch was three months ahead of schedule, despite the novel coronavirus outbreak. It is estimated that finished gold can be produced in early June. The restart of gold production at the mine, scrapped in part because it wasn't profitable enough, comes after gold prices hit a seven-year high last month. The COVID-19 pandemic has prompted investors to pile into the safe-haven precious metal.

The previous owner of the copper and gold mine, MMG Ltd, had ceased gold production at the project in December 2013, citing depleting ore reserves and lower margins, choosing to focus on copper. Chifeng Jilong bought a 90% stake in the mine's operator, Lane Xang Minerals, from MMG in 2018 for USD 275 million. The Chinese firm plans to produce 1-1.6 tonnes of gold from Sepon this year and possibly 7 tonnes in 2021, once the plant ramps up to full capacity. It also plans to produce around 45,000 tonnes of copper this year, down from 72,000 tonnes in 2019

Source :

Posted By : Yogender Pancholi on Mon, 18 May 2020
Related News from Mining segment